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Forex

CAD Gains Strength on Surging Oil Prices

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar (CAD) is gaining strength against the US Dollar (USD) as oil prices surge. The WTI Oil price has risen by around 0.8% to near $91.50, its highest level in over a month.

This increase in energy prices bodes well for economies like Canada, which are net energy exporters. As a result, the CAD is outperforming other currencies, including the USD.

The US Dollar (USD) is under pressure ahead of the release of the US Producer Price Index (PPI) and Consumer Price Index (CPI) data for August. The PPI data will be released on Thursday, while the CPI data will come out on Friday.

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