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Forex

Canadian Dollar Weakens Amid Falling Oil Prices

Guavy AI Editorial Team
Instruments
USD CAD
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The Canadian dollar has weakened amid falling oil prices, which are at a two-week low. This decline is being attributed to hopes of a diplomatic resolution to end the six-month-old US-Iran war.

Meanwhile, the US dollar remains steady ahead of the US Personal Consumption Expenditures (PCE) Price Index release. The PCE data will provide crucial cues about the Federal Reserve's future policy path and its impact on the USD.

The diminishing odds for an immediate rate hike by the Fed, along with declining US bond yields, are keeping USD bulls on the defensive. This is also weighing on the USD/CAD pair.

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