CAD Weakens Amid Crude Oil Price Slump, Eyes Fed Interest Rate Decision

The Canadian dollar saw some softness on Monday morning compared to its US counterpart. At 9:09am CDT, it was trading at $0.7087 or CAD$1=USD$1.4110. This is a slight drop from Friday's close of $0.7096 or CAD$1=USD$1.4093.

The decline in the Canadian dollar may be attributed to the pause in fighting between the US and Iran over the weekend, which led to a decrease in crude oil prices. West Texas Intermediate (WTI) was down 5.6% at $84.29 per barrel.

Investors are also keeping an eye on Wednesday's interest rate announcement from the US Federal Reserve. Although analysts expect rates to remain unchanged, accompanying statements will be closely watched for signs of future moves. A rate hike is predicted as early as September.