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Canadian Loonie Consolidates as Oil Prices Clash with Fed Hike Bets

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar is consolidating against the US Dollar due to conflicting factors. Rising oil prices are supporting the Loonie, while bets for a Federal Reserve rate hike in September are limiting losses for the USD.

A softer USD is also contributing to capping upside, making it challenging for the USD/CAD pair to lure buyers. The pair is currently hovering around mid-1.3800s during the Asian session.

The recent escalation of tensions between the US and Iran has led to a further rise in oil prices, fueling inflation fears and bolstering hawkish Fed expectations. This outlook favors USD bulls, while a deepening US-Canada trade war could act as a headwind for the Canadian Dollar.

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