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Forex

Loonie Touches Three-Month High on Oil Rally and Trade Deal Hopes

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar has reached its strongest level in three months due to a rally in oil prices and hopes for a trade deal between Washington and Ottawa.

According to Vantry Capital's Darren Richardson, stronger oil prices and a weaker US dollar have been the primary drivers of the Canadian currency's gains.

The loonie rose 0.1% to C$1.3790 per US dollar on Friday, its strongest level since May 21, with higher crude prices being a key catalyst for the move.

The oil rally came after US President Donald Trump warned of potential action against countries supporting Iran, adding uncertainty to an already volatile energy market.

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