Canadian Dollar Subdued Near Two-Month Lows Amid Falling Oil Prices
The Canadian Dollar remains subdued near two-month lows as falling oil prices weigh on the currency. The USD/CAD pair has won eight consecutive days, trading around 1.4200 during Asian hours on Wednesday.
Easing energy markets have contributed to downward pressure on oil prices. Middle Eastern crude exports recovered towards pre-war levels, reaching 17.5 million barrels per day, or about 98% of baseline output. Supply streams received a boost as Saudi Arabia partially restarted its East-West pipeline at roughly half capacity.
Fresh industry data revealed a 1-million-barrel build in US crude inventories over the past week, reinforcing bearish tone for crude. The US government announced plans to release up to 40 million barrels from the Strategic Petroleum Reserve (SPR) to curb domestic fuel costs.