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Forex

Canadian Dollar Stabilizes Below 1.4050 vs USD Amid Oil Price Rebound

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar is stabilizing below the key resistance level of 1.4050 against its US counterpart, despite rebounding oil prices providing some support to the commodity-linked currency.

The USD/CAD pair has been trading in a narrow range around 1.4020-1.4040, with oil prices rising approximately 1.2% on the day, recovering from recent lows as supply concerns resurfaced.

The US Dollar remains strong due to expectations that the Federal Reserve will keep interest rates higher for longer, reflected in the US Dollar Index (DXY) holding near 104.50.

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