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Forex

Oil Price Surge Bolsters Loonie Amid Rate Hike Bets

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar has found support from a surge in oil prices despite bets on a Federal Reserve rate hike, with USD/CAD trading around 1.3810 down 0.15% on Monday.

The sharp rise in West Texas Intermediate (WTI) US Oil prices above $90 has supported the Canadian Dollar as Canada is a major oil producer and exporter.

This increase in crude prices generally improves the country's export revenue outlook and can strengthen demand for the Canadian currency, helping it withstand Friday's weak Canadian employment report.

The US Dollar retains several sources of support, including Friday's strong Nonfarm Payrolls (NFP) report that reinforces expectations of a rate hike at its September meeting.

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