Corporate foreign exchange news

Published by Jamie JemmesonForeign currency buyers are touting the Canadian dollar as the commodity currency of choice, figures show.Bloomberg data reveals that the loonie, as the Canadian currency is known, achieved its highest standing against the Australian dollar in nearly a year during global forex trading last month.Although both currencies have made impressive gains against the US dollar - with both approaching parity with the global reserve currency at the start of the year - the Canadian dollar has been supported by high oil prices and a strong banking sector.Canada holds the second largest proven crude reserves in the world after Saudi Arabia, creating strong revenues from exports to the US and other key markets.Camilla Sutton, director of currency strategy in Toronto at Bank of Nova Scotia, the second-most accurate currency forecaster in the year and a half ended in June, commented: "There's a tremendous amount of positive sentiment for Canada right now."For more information on foreign exchange treasury services and risk management, visit our Corporate FX site