Forex
Canadian Dollar Surges on Rising Oil Prices
The Canadian Dollar has been performing well against the US Dollar on Tuesday, with the USD/CAD pair down by 0.25% to near 1.3780.
This outperformance is largely due to surging oil prices, which have risen by around 0.8% to nearly $91.50. Oil prices are nearing their highest level in over a month, with the WTI price reaching almost $92.25 on June 8 and again today.
The higher energy prices bode well for currencies from economies that are net energy exporters, such as Canada. Meanwhile, the US Dollar is under pressure due to investor caution ahead of upcoming inflation data releases this week.