Forex
Canadian Dollar Weighed Down by Investor Positioning and Global Uncertainty
The Canadian dollar experienced a slight decline relative to its US counterpart on Friday morning as investors adjusted their positions ahead of the weekend.
At 8:55 am CDT, the CAD was trading at $0.7136 or $1=C$1.4013 compared to Thursday's close of $0.7149 or $1=C$1.3988.
The expectation of further interest rate hikes from the US Federal Reserve, following its increase earlier in the week, continued to support the US dollar globally.
Ongoing uncertainty regarding the conflict in the Middle East kept a cautious tone on crude oil prices, with West Texas Intermediate remaining below $100 per barrel at $97.70.