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Forex

Canadian Dollar Bolstered by Rising Crude Oil Prices

Guavy AI Editorial Team
Instruments
USD CAD
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The Canadian dollar strengthened against its US counterpart on Wednesday morning due to rising crude oil prices.

A temporary pause in the Middle East conflict between the US and Iran ended, causing crude oil prices to surge. West Texas Intermediate jumped by 6.6% to $84.52 per barrel.

The Canadian dollar's strength was also influenced by the energy sector, with its value rising against the US dollar as a result of the increase in crude oil prices.

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