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Forex

Canadian Dollar Surges on Rising Oil Prices

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar strengthened on Tuesday to its highest level in two months against the US dollar due to rising oil prices. The loonie touched an intraday high of 1.3916 per USD, its strongest level since June 10.

This move was limited ahead of the release of the US inflation report on Wednesday, which is expected to show a rebound in consumer price inflation after it fell in June.

The loonie has been boosted by recent strong jobs data and higher oil prices. Data released last Friday showed that Canada's economy added 75,100 jobs in July, with the unemployment rate dropping to a two-year low.

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