At this point, a play on the Canadian Dollar is tantamount to a play on oil, for the two have risen in synch for the past couple of years. While the USD-Yen and USD-Euro pairs have routinely hogged the spotlight, the Canadian Dollar has silently and steadily crawled higher and higher against the USD. Concerns of oil shortages and interminable demand have driven the price of oil to unfathomable levels. As Canada is one of the few developed nations that exports more raw energy stocks than it imports, the Canadian economy, and hence the Canadian Dollar, have benefited. Meanwhile, the Canadian economy is as strong as it has been in recent memory and interest rates are rising. Canada.com reports:

“The market is starting to refocus on the positive correlation between oil prices and the Canadian dollar. So, obviously with oil up, we’ve seen some fairly substantial interest to by the Canadian dollar on the back of that,” said one currency trader.

Read More: Canadian dollar surges to 13 1/2-year high as crude oil futures spike