Canadian Dollar receives support from firm oil prices
USD/CAD extends its losses for the fourth successive day, trading around 1.3870 during the European hours on Tuesday. The currency pair depreciates as the commodity-linked Canadian Dollar (CAD) gains support from firming crude oil prices.
The Canadian Dollar received support as oil prices climbed, reaching a three-week high. West Texas Intermediate (WTI) crude stabilized at $84.10 per barrel, buoyed by concerns over a potential US-Iran deal. Despite this, the US Dollar drew safe-haven demand from geopolitical uncertainty, limiting USD/CAD's downside. Fed's hawkish tone remained despite dampened inflation data, keeping a rate hike probability at 36.6% for the upcoming meeting.
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