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Forex

Canadian Dollar Weakens Amid Escalating Trade Tensions

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar declined against its US counterpart despite oil price gains, weighed down by escalating trade tensions between Canada and its major trading partners.

Investors focused on the latest developments in trade negotiations, with concerns over potential tariffs and retaliatory measures dampening appetite for risk-sensitive currencies like the loonie. The US dollar found support from safe-haven flows, pushing USD/CAD higher during the session.

Oil prices rose due to supply disruptions, but this time, the positive correlation between oil and the Canadian dollar broke down as trade worries dominated trading floors.

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