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Forex

Loonie in Free Fall: CAD Vulnerable Near August 7 Low

Guavy AI Editorial Team
Instruments
CAD
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The Canadian Dollar (CAD) appears vulnerable near its August 7 low as oil prices slide and trade tensions escalate between the US and Canada.

The USD/CAD pair kicked off the new week on a positive note, with sliding oil prices undermining the Loonie. The widening US-Canada rate gap and US-Canada trade tensions further weigh on the CAD.

The Fed's hawkish stance and geopolitical risks offer some support to the USD and the pair.

Crude oil prices have fallen to an over one-week low due to a recovery in shipments from Saudi Arabia easing supply concerns.

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