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Forex

USD/CAD Surges to Two-Week High as US Dollar Gains Momentum

Guavy AI Editorial Team
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USD CAD
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The USD/CAD pair has been gaining momentum for two consecutive days, surpassing its weekly high at 1.3950 and reaching a two-week peak in the process.

This upward trend is largely driven by the US dollar's resurgence, which has seen a nearly 80% chance of a Federal Reserve interest rate hike by year-end according to the CME Group's FedWatch Tool.

The geopolitical tensions surrounding the Strait of Hormuz have also contributed to safe-haven flows towards the Greenback.

However, higher oil prices could potentially offer support for the Canadian dollar, warranting caution before placing aggressive bullish bets on the USD/CAD pair.

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