Posted 1/17/2024, 4:11:50 AM
Canadian Dollar Weakens as Falling Oil Prices and Middle East Tensions Support US Dollar
- USD/CAD extends gains to 1.3500 on market caution over Middle East conflicts
- Declining WTI crude oil prices weaken the Canadian Dollar vs the US Dollar
- Increased US bond yields and demand for safe-haven US Dollar on geopolitical risks
- Canada's increased oil production unable to offset pressure from falling crude prices
- Traders unwind expectations for Fed rate cuts, supporting demand for the US Dollar