A Crude Correlation with Canada’s Currency
Monday, February 8, 2016 13:58
% of readers think this story is Fact. Add your two cents.
by Mickey Fulp, The Mercenary Geologist
Gold Seek
A Monday Morning Musing from Mickey the Mercenary Geologist
Canada is the world’s fifth largest oil and gas producer and its energy export revenues are a significant part of the economy. In 2014, energy contributed 10% to Canada’s GDP, 28% of its export revenues were from energy products, and 97% of those energy exports were destined for US markets:
[...] In early July 2014, the North American benchmark for oil, West Texas Intermediate Crude (WTI), traded at $106 a barrel. Once the US dollar index (DXY) started its big run above 80, the price of oil began to drop and by the beginning of Q4 2014, a worldwide bear market was in full force.
Continue Reading at GoldSeek.com…
Source: http://financialsurvivalnetwork.com/2016/02/a-crude-correlation-with-canadas-currency/?utm_source=rss&utm_medium=rss&utm_campaign=a-crude-correlation-with-canadas-currency
