Canadian Dollar gains ground amid rising oil prices
USD/CAD extends its losses for the third successive day, trading around 1.3770 during the Asian hours on Friday. The currency pair loses ground as the commodity-linked Canadian Dollar (CAD) receives support from rising crude oil prices.
The Canadian Dollar (CAD) experienced gains on Friday as rising crude oil prices provided support. The US Dollar (USD) faced downward pressure due to US Treasury Secretary Scott Bessent informing that severe economic sanctions on Iran would likely eliminate the need for significant military intervention. These sanctions aim to control Iran's access to global financial networks, targeting banks, businesses, shipping registries, cash transfers, and smuggling operations.
Strategists from Scotiabank noted that the CAD was benefiting from both broad dollar weakness and signs of progress in the US/Canada trade, resulting in a 0.3% rise, second only to the New Zealand Dollar (NZD) among major currencies. Despite the downward pressure on the USD/CAD pair, its losses may be limited by the underlying strength of the USD.
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