Canadian Dollar Surges as Oil Prices Soar on Ongoing Middle East Tensions

The Canadian dollar strengthened to a nine-day high against its US counterpart on Wednesday, reaching $1.4024 per U.S. dollar or 71.31 US cents.

This increase comes as oil prices jumped 6.6% higher at $84.46 a barrel, with major airstrikes in the Middle East contributing to the surge.

According to Desjardins' head of macro strategy Royce Mendes, American monetary policymakers opted for a 'wait-and-see approach instead of shock-and-awe', leaving interest rates on hold at 3.50%-3.75%.