Some of you may have heard me refer to what I call a “better euro.” It’s the Swedish krona. They are in far better shape fundamentally than the overall eurozone.

But today, I’d like to talk to you about the “better dollar.” What dollar am I talking about? Canada’s dollar.

If you think that it was a good thing that our nation hired 36,000 people this past month, then you’ll really be excited to hear about Canada’s employment report that came out the same day that reported four times more hiring than expected by economists.

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If you want to see the health of a nation, look to see whether jobs are being created or not. If they are, then things are great. If jobs aren’t being created, then things aren’t so good. That’s the bottom line. I know it is simple economics but it’s the true litmus test on how things are going.

Canada and its banks didn’t get in “hot water” like the United States did in the global recession. So it pulled out of it quicker and it’s in much better shape than that of the United States. Its banks are in far better shape too (which doesn’t take much).

But then there are other reasons why I like Canada’s dollar more than our greenback here in the United States.

Canada is a resource-rich country. They export lumber, oil, natural gas, potash, etc. So here’s how that works. The world needs what they have. They have to pay Canada for what they need. So other countries have to exchange (or sell) their currencies and buy Canadian dollars to buy Canadian goods. This inflow of funds keeps Canada’s dollar well supported.

On the other hand, we don’t have what we need here in the United States so we have to go to other countries like Canada to buy up the resources that we need. So money flows away from our country to those resource-rich countries to buy those goods.

Therefore, our dollars get sold and we create deficits very easily. On the other hand, Canada has the money flow working in its favor due to them holding these much-needed resources.

So Canada has the jobs, the healthier banks, the money flows working for them and they are resource-rich. All of this bodes well for Canada and its currency … and these same factors are some of the things that the U.S. lacks which hinders its dollar.

Therefore, in the end…the “better dollar” is definitely the Canadian dollar.

About the Author: Sean Hyman
Sean Hyman is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of Money Matrix Insider. Discover more by Clicking Here Now.