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Canada’s ‘Petro-Currency’ Taking Shine to Metals: Chart of Day

The Canadian dollar, commonly regarded as a “petro-currency,” is becoming more linked to metal prices and showing signs of ‘decoupling’ from oil.

The CHART OF THE DAY shows the dollar is increasingly tracking the Bank of Canada’s metals price index, which gauges the prices of precious and base metals. The central bank’s energy price index, which measures changes in oil, coal and natural-gas prices, has become less linked with the U.S.-Canada exchange rate.