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Forex

USD/CAD Declines to 1.4190 Amid Crude Oil Price Rise

Guavy AI Editorial Team
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The USD/CAD pair declined to around 1.4190 in Wednesday's early European session, but retains a constructive bias above the 100-day SMA.

A temporary sell-off cannot be ruled out with overbought conditions, and traders await the ADP employment and Personal Consumption Expenditures (PCE) Price Index reports later in the day for more clues about the US interest rate path.

Crude oil prices rose after US President Donald Trump denied an Axios report that he provided Iran sanctions relief and released frozen Iranian funds in return for concrete Iranian steps on the nuclear program, providing some support to the commodity-linked Canadian Dollar (CAD) against the US Dollar (USD).

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