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Forex

CAD Holds Firm Against US Dollar Amid Crude Oil Decline

Guavy AI Editorial Team
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The Canadian dollar held steady against its US counterpart on Tuesday, despite a decline in crude oil prices. The CAD settled at $1=C$1.4102, up from Monday's close of $1=C$1.4114.

Analysts expect the US Federal Reserve to keep interest rates unchanged when it makes its next announcement on Wednesday, with accompanying statements providing insight into future rate hikes. A rate increase is anticipated as early as September, and market participants will be closely watching for signs of a potential move.

The price of West Texas Intermediate crude oil fell 4.2% to $79.18 per barrel, weighed down by optimism over the de-escalation of conflict in the Middle East.

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