Canadian Dollar Weakens Further Against US Counterpart

The Canadian dollar extended its decline on Friday compared to its US counterpart, despite expectations of more interest rate hikes from the Federal Reserve.

After a central bank rate increase earlier in the week, the greenback remained strong internationally due to these expectations.

However, ongoing uncertainty over the conflict in the Middle East kept oil prices in check. Despite initial concerns that the closure of Saudi Arabia's East/West pipeline might disrupt flows, it seems the impact may not be as significant as initially thought.

The price of West Texas Intermediate decreased by 1.9% to US$95.39 per barrel on Friday.