Canadian Dollar strengthens despite subdued oil prices
USD/CAD loses ground for the second successive day, trading around 1.3920 during the Asian hours on Friday. The pair depreciates as the US Dollar (USD) declines following a softer-than-expected US inflation report.
The Canadian Dollar strengthened on Friday despite muted oil prices, as investors focused on the upcoming U.S. retail sales data. The U.S. Dollar weakened following a softer-than-expected inflation report, cooling market expectations for a Federal Reserve rate hike. Wholesale costs for goods and services in the U.S. were flat in July, with core Producer Price Index figures showing a modest gain.
Meanwhile, the Commodity-linked Canadian Dollar faced challenges amid lower oil prices, which remained subject to diplomatic efforts to reopen the Strait of Hormuz. Gold prices rebounded, driven by weak U.S. Dollar sentiment and easing Middle East tensions.
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