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Forex

US-Iran Tensions Fuel USD Rally as Canada's Loonie Struggles

Guavy AI Editorial Team
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USD CAD
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The Canadian dollar is experiencing a slight decline as the US dollar regains some traction due to escalating tensions between the US and Iran. The renewed escalation in the Middle East has put upward pressure on energy prices, with Brent crude touching $93 per barrel this morning.

This is causing concerns about significant disruptions to global energy supplies, which is supporting crude oil prices. However, the commodity-linked Canadian dollar is struggling to attract buyers amid the Bank of Canada's dovish bias and trade war fears.

As a result, USD/CAD bulls are favored, suggesting that any intraday corrective slide will be limited. Traders are now looking to important US macroeconomic releases for a fresh impetus, including the Advance Q2 GDP report and the Personal Consumption Expenditures (PCE) Price Index.

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