Canadian Dollar moves little despite weaker US Dollar, higher oil prices
USD/CAD remains steady after registering modest gains in the previous day, trading around 1.3830 during Asian hours on Monday.
The Canadian Dollar (CAD) remained relatively stable despite a weaker US Dollar and rising oil prices, trading around 1.3830 during Asian hours on Monday. This stability could be attributed to the increased value of crude oil, which contributes to Canada's economy as a major exporter. However, the pair might face downward pressure as the Canadian Dollar gains support from the higher crude oil prices.
Recent military tensions between the United States and Iran, resulting in the targeting of Iranian tankers, have also contributed to the market uncertainty, potentially affecting the USD/CAD pair. Labor market data from both the US and Canada has shifted the risks against the Canadian Dollar, as the genuine upside surprise in US payrolls and the downside surprise in Canada have outweighed the support from the Bank of Canada's hawkish stance. The US Dollar (USD) is also struggling amid market uncertainty ahead of crucial US inflation data.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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