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Forex

Canola Futures Surge on Rising Crude Oil Prices

Guavy AI Editorial Team
Instruments
CAD
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ICE Canola futures started September strong, rising above their averages and supported by comparable oils. The rally was driven in part by the surge in crude oil prices due to escalating tensions between the United States and Iran.

Crude oil jumped over $2 per barrel, while Chicago soyoil gained more than one US cent per pound. European rapeseed and Malaysian palm oil also rose in price.

The Canadian dollar depreciated by more than a tenth of a US cent compared to Monday's close.

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