For the first time since November of 1976, the Canadian dollar is more valuable in the currency markets than the American Greenback.Uncertainty in the US economy is causing a stampede away from the dollar and into other currencies like the Euro. That and rumors of a potential move by Saudi Arabia to dump its dollars in favor of Euros has the currency markets very skittish about the future of the US currency:“Among the G-10 nation currencies, the Canadian dollar is used more than any other as a proxy for oil,” Rebecca Paterson, global currency strategist at J.P. Morgan in New York, said in an interview. “So when oil prices rise, anyone that wants to bet on oil and does not want to play the commodity market turns to the Canadian dollar.” The price of oil surged above $83 a barrel on Friday morning, closing in on its record high of $83.90, before falling back a touch in afternoon action. Other commodity markets were also flirting with record territory Friday. Gold...(Read Full Post)