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Forex

Loonie Holds Firm Amid Crude Oil Losses

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar held firm against its US counterpart on Tuesday despite losses in crude oil. The loonie settled at US$0.7091 or US$1=C$1.4102, a slight improvement from Monday's close of US$0.7085 or US$1=C$1.4114.

The Federal Reserve is set to make its next interest rate announcement on Wednesday, with analysts expecting rates to remain unchanged. However, accompanying statements will be closely watched for hints at future moves, as a rate hike is thought possible as early as September.

Optimism over the de-escalation of conflict in the Middle East weighed down crude oil prices, with West Texas Intermediate plummeting 4.2% to US$79.18 per barrel.

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