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Forex

Canola Futures Rally Amid Rising Crude Oil Prices

Guavy AI Editorial Team
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CAD
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Canola futures on the Intercontinental Exchange continued their upward trend in midday trading on Thursday, supported by comparable oils.

The sentiment surrounding a potential deal to reopen the Strait of Hormuz shifted from optimistic to cautious after Iran-backed Houthi rebels attacked Saudi oil tankers in the Red Sea and Gulf of Aden on Wednesday.

As a result, crude oil prices rose by more than US$1 per barrel.

The Canadian dollar remained virtually unchanged compared to its close on Wednesday.

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