The Canadian Dollar is the only major pair to open the week 70 pips stronger against the greenback. This rise can be attributed to the sudden rise in oil prices due to the conflict that is errupting out of Isreal as warplanes continued attacks againts Hamas in the Gaza strip. This region of the world is responsible for one-third of the worlds oil. If there is a major disruption in the flow of oil then prices will escalate, increasing the value. The global recession has diminished the value of commodities over the past six months which account for half of Canada's exports.
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