Canadian Dollar Weakness: USD/CAD Holds Below 1.3500 Due to Oil Prices

Friday, 30 August 2024, 17:20

Canadian dollar struggles as USD/CAD stays under 1.3500, influenced by rising oil prices. Macro factors and US PCE are closely monitored by traders.
Fxstreet
Canadian Dollar Weakness: USD/CAD Holds Below 1.3500 Due to Oil Prices

Canadian Dollar Performance

The Canadian dollar is currently facing challenges as the USD/CAD pair remains firmly below the 1.3500 mark. This situation can be attributed largely to the recent surge in oil prices, which has a significant impact on Canada's economy.

Influence of Oil Prices on CAD

Oil, a major export for Canada, plays a critical role in determining the strength of the Canadian dollar. An increase in oil prices typically supports the currency; however, the current market dynamics are leading to a different outcome.

  • Rising Oil Prices
  • Macro Factors Affecting Currency
  • US PCE Data Anticipation

Market Trends and Insights

As traders keep a close eye on upcoming US PCE data, the USDCAD currency pair remains a focal point in macroeconomic discussions. Other majors are also being analyzed for potential shifts in the financial landscape.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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