Forex
Canadian Dollar Softens Against US Counterpart Amid Weekend Position Squaring
The Canadian dollar experienced a slight downturn against its US counterpart on Friday morning as investors adjusted their positions ahead of the weekend.
The CAD was trading at around $0.7136, or $1=C$1.4013, at 8:55am CDT, compared to Thursday's close of $0.7149 or $1=C$1.3988.
The expected interest rate hikes from the US Federal Reserve continued to support the US dollar internationally, following their rate increase earlier in the week.
Uncertainty surrounding the ongoing conflict in the Middle East kept a cautious tone in crude oil prices, with West Texas Intermediate trading below $100 per barrel at $97.70.