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Forex

USD/CAD Pauses Near Mid-1.4000s Amid Oil Price Recovery

Guavy AI Editorial Team
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USD CAD
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The USD/CAD pair has paused its upward momentum near the mid-1.4000s, a region that marks the highest price since August 6. The pair is currently trading below 1.4050 amid mixed fundamental cues.

Crude oil prices have staged a modest recovery from a nearly two-week low, snapping a four-day losing streak. This has underpinned the commodity-linked Canadian dollar and acted as a headwind for the USD/CAD pair.

The US Federal Reserve's hawkish outlook continues to support the safe-haven US dollar, with at least one more rate hike expected this year. Oil-driven inflation risks also contribute to prospects for further Fed tightening.

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