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Forex

Canadian Dollar Weakened by Crude Oil Price Decline

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar took a hit on Monday as crude oil prices plummeted following a pause in fighting between the US and Iran over the weekend.

West Texas Intermediate crude lost 8.3% of its value, settling at $81.93 per barrel.

This decline weighed heavily on the Canadian dollar, which settled at $0.7085 or $1=C$1.4114.

The US Federal Reserve's upcoming interest rate announcement on Wednesday will be closely watched for signs of future moves, with analysts expecting rates to remain unchanged.

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