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Forex

Canadian Dollar Holds Steady as Oil Prices Offset USD Strength

Guavy AI Editorial Team
Instruments
CAD
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The Canadian Dollar has held steady near its early June high as rising oil prices offset modest USD strength.

Rising crude oil prices and hotter than expected Canadian inflation figures have underpinned the commodity-linked Loonie, making it a headwind for the USD/CAD pair.

President Donald Trump's comments on declaring the Strait of Hormuz as a US territory and threatening to bomb Oman if necessary have also contributed to geopolitical risks supporting the safe-haven USD.

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