Recent spikes in oil prices have investors enthusiastic about commodity-driven countries, and their related exchange traded funds (ETFs) and currency have been able to benefit.

• The Canadian dollar has been able to recover and incur a gain, as the rise in oil prices has given Canada a much better position as far as investment opportunity.
• Oil is a major Canadian export, which has taken the higher oil prices in stride, along with the higher equity markets and upbeat corporate news from North America and overseas.
• These all combined to boost the Canadian currency to its highest level since April 16, reports Frank Pingue for Financial Post.
• In fact, the Bank of Canada said today that there are elements present that could lead to the recovery of the economy this year, reports AHN.

Earlier in the week the swine flu scare had halted major markets, including the Toronto stock exchange, but it seems like the scare may be dwindling and markets are resuming to somewhat “normal” volume. Canada is also joined by the upbeat sentiment by commodity rich Australia and New Zealand.

• iShares MSCI Canada ETF (EWC): up 11% year-to-date

• CurrencyShares Canadian Dollar Trust (FXC): up 2.3% year-to-date

Read the disclaimer, as Tom Lydon is a board member of Rydex Funds.

Tags: Canada, Canadian Dollar, Currency ETFs, EWC, FXC, Global ETFs