Here’s a link to an article that explains a lot.
The article is a bit dated, mainly because of the recent, and sudden drop in the price of oil, and the great increase in domestic U.S. production of oil and gas (the two are obviously tightly linked). Those events have bolstered the Greenback, at the same time as they hammered the Loonie. Nevertheless, the strategy remains intact.
A lot of countries want to move away from the Greenback as reserve currency; because of U.S. policies to devalue to, in essence, default on its debts.
What currency do they want to move towards?
because of U.S. policies to devalue to, in essence, default on its debts.
Considering the recent strength of the dollar, it's one of the best currencies to hold lately.