USD/CAD falls toward 1.3750 due to higher Oil prices

USD/CAD depreciates as commodity-linked CAD improves due to rising Oil prices. WTI Oil price edges higher due to supply threat amid escalated geopolitical tensions in the Middle East. The US Dollar may struggle due to dovish remarks from the Fed officials. The Canadian Dollar gains strength due to rising crude prices, as Canada is the largest Oil exporter to the United States. This increase in Oil prices puts pressure on the USD/CAD pair.

Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another.

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