Commodities
USD/CAD Surges to Two-Month High on Falling Oil Prices
The USD/CAD pair has risen for eight consecutive days and is nearing its two-month high at around 1.4200, driven by a stronger U.S. dollar and falling oil prices.
Falling international oil prices have weighed on the Canadian dollar, while the U.S. dollar has been supported by expectations of further monetary tightening from the Federal Reserve.
The recent pullback in oil prices, combined with a stronger U.S. dollar, has created a dual headwind that is driving the continued appreciation of USD/CAD.