Canadian Dollar Tumbles Amid Crude Oil Price Drop
The Canadian dollar experienced some weakness relative to its US counterpart on Monday morning.
At 9:09 CDT, the CAD was trading at a value of $0.7087 per USD or approximately $1 = C$1.4110. This is compared to Friday's close of $0.7096 per USD or $1 = C$1.4093.
The downward trend in crude oil prices likely contributed to the CAD's softness, as West Texas Intermediate (WTI) fell by 5.6% to around $84.29 per barrel over the weekend. This decline had a ripple effect on energy-linked currencies like the Canadian dollar.
Looking ahead, analysts anticipate that the US Federal Reserve will leave interest rates unchanged in its upcoming announcement on Wednesday. While rate decisions are typically influenced by various factors, some experts believe that a rate hike could be on the horizon as early as September.