Forex
CAD Heads for Fourth Straight Weekly Gain Amid Weaker USD and Higher Oil
The Canadian Dollar (CAD) is on track to record its fourth consecutive weekly gain due to a weaker US Dollar and higher Oil prices.
The USD/CAD pair declined on Friday, with the US Dollar index trading near three-month lows of around 98.75.
The decline in the US Dollar was attributed to the US Treasury's announcement that it would double its liquidity-support buybacks for longer-dated government securities to at least $4 billion per operation.
This move, combined with softer US economic data and fading expectations of a Federal Reserve rate hike, has cemented bearish momentum in the US Dollar, according to TD Securities.