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Forex

USD/CAD Declines as Oil Prices Rebound and US Labor Data Disappoints

Guavy AI Editorial Team
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CAD
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The USD/CAD pair continued its downward trend for the second consecutive session on Thursday, trading near 1.4010 during European hours. The Canadian Dollar benefited from a rebound in crude oil prices, with West Texas Intermediate (WTI) crude oil recovering to around $74.90 per barrel.

The increase in energy prices was driven by renewed concerns over Middle East supply risks following an Israeli airstrike targeting Hezbollah infrastructure in southern Lebanon. This escalation increased fears of potential disruptions to regional oil supplies, supporting energy prices and the Canadian Dollar.

Economic data from the United States presented a mixed picture ahead of key labor market releases. The ADP Employment Change report showed private-sector payrolls increased by 44,000 jobs in July, significantly below market expectations of 70,000.

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