Canada exports a massive amount of its crude oil to the US

The Canadian dollar manages to force the Australian dollar down in yesterday’s trading session, taking advantage of the weakness faced by bulls after the recent decision of the Reserve Bank of Australia to hold on to its interest rates this October. However, as of today, the trading pair’s prices are seen steadying as the antipodean currency gathers strength to prevent the price from plummeting in the sessions. Unfortunately for bullish investors, it is widely believed that the Australian dollar and Canadian dollar exchange rate will gradually go down to its support level as oil prices steadily help the loonie. See, Canada exports a massive amount of its crude oil to the United States, and since the nation is starting to recovery slowly, it could be great news for the Canadian dollar. Meanwhile, the Aussie receives short-term support from the news about the federal budget and the income tax cuts that will be brought forward for millions of citizens.