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Forex

Canadian Dollar Gains Ground Amid Crude Oil Weakness

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar gained some ground against its US counterpart on Tuesday morning despite ongoing weakness in crude oil prices.

The Loonie traded at around $0.7092 relative to the US dollar, or $1 CAD = $1.4100, which is slightly stronger than Monday's close of $0.7085 or $1 CAD = $1.4114.

The upcoming interest rate announcement from the U.S. Federal Reserve on Wednesday is being closely watched for signs of future moves, with a rate hike potentially coming as early as September.

In other market news, West Texas Intermediate crude oil prices fell 1.6% to $81.25 per barrel due in part to continued optimism over the de-escalation of conflict in the Middle East.

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