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Oil Price Surge Sends USD/CAD Slipping Near 1.3870

Guavy AI Editorial Team
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USD CAD AUD
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The USD/CAD currency pair has slipped to around 1.3870 in Asian hours on Monday, ending a three-day rise as the commodity-linked Canadian Dollar finds support from firmer oil prices.

The Canadian Dollar has been boosted by rising crude prices after Saudi Arabia shut down its East-West pipeline due to attacks, disrupting a key route used to bypass the Strait of Hormuz. Oil prices are near four-month highs following this development.

The US Federal Reserve's decision on interest rates is also weighing heavily on the pair's movement, with markets now pricing in an 87% chance of a quarter-point hike at the September meeting, up from 59% last week.

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