Forex
Canadian Dollar Rises on Higher Oil Prices and Trade Deal
The Canadian Dollar (CAD) remains supported by higher Oil prices and improved US-Canada trade relations. The USD/CAD exchange rate is currently around 1.3780, near a three-month low.
Rebounding US Treasury yields and upbeat Jobless Claims have helped the US Dollar stabilize, but it still lags behind. Higher Oil prices, which are up nearly 5% this week, continue to support the CAD due to Canada's status as a major crude exporter.
The Loonie also benefits from progress in trade talks between the US and Canada. US President Donald Trump has paused planned tariffs on $20 billion worth of Canadian goods for three days, citing a deal.