Canadian Dollar receives support from higher oil prices
USD/CAD loses ground for the second successive day, trading around 1.4010 during the European hours on Thursday.
The Canadian Dollar (CAD) experienced a boost on Thursday as higher oil prices provided support, trading near 1.4010 during European hours. This follows a decline in the US Dollar (USD), which slipped to the low 1.3600s after reaching fresh highs above 1.3670 earlier in the week. Market participants are closely monitoring geopolitical developments and potential supply additions, particularly a joint statement on a temporary shipping route between Iran and Oman.
While Brent crude oil reached $74.90 per barrel, driven by concerns over supply following an Israeli airstrike in Lebanon, the CAD's strength is also influenced by the Bank of Canada's interest rates, Canada's oil exports, and economic indicators such as GDP, employment, and inflation.
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