The CAD continues to trade in firm fashion, but the USD could be due a correction higher. The Canadian dollar (Currency:CAD) has avoided the fate visited upon its fellow commodity currencies - the New Zealand and Australian dollars. Thus, domestic drivers are key for currencies at present; as opposed to broader drivers such as the commodity markets which can tend to basket such currencies together. The US dollar to Canadian dollar exchange rate is 0.04 pct higher at 1.0271 while the British pound to Canadian dollar exchange rate is 0.23 pct lower at 1.5714. Please Be Aware: The above quotes are taken from the wholesale spot markets, your bank will charge a discretionary spread when passing on their retail offer. However, an independent FX provider will guarantee to undercut your bank's offer, thereby delivering more currency. Please learn more here. CAD preferred to British Pound Today Richard Driver at Caxton FX points out that the CAD is the top-performing commodity currency lately and oil prices are definitely helping. "The fact that Brent crude is holding above the $100 per barrel level is definitely offering the loonie some support and it has outperformed the AUD and NZD lately as a result. Some Canadian M&A activity has also been supportive," says Driver, "GBP/CAD is trading at 1.5775 and we would still favour the loonie here for today."

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