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Commodities

CAD Gains on Oil Price Rebound Amid Middle East Tensions

Guavy AI Editorial Team
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Oil
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The Canadian Dollar (CAD) gained strength as oil prices rebounded on Wednesday, influenced by renewed hostilities in the Middle East. The US military intercepted an Iranian attack targeting American troops, prompting a response from CENTCOM with precision airstrikes against Iran-backed groups.

Iran-backed militias launched drone strikes against oil facilities in Saudi Arabia's Eastern Region for a second consecutive day, fueling concerns over potential disruptions to global energy supplies. As a result, the price of oil rebounded, supporting the CAD.

The USD/CAD pair continued its downward trend, trading around 1.4090 during European hours on Wednesday. The US Dollar (USD) struggles ahead of the Federal Reserve's upcoming policy decision, with traders pricing in a 30.5% chance of an immediate rate hike and a 76.6% probability of a rate increase in September.

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