USD/CAD Slips as Higher Oil Prices Support Loonie Against USD Safe-Haven Demand
The Canadian dollar held higher against the US dollar on Monday, as the loonie found support from rising crude oil prices, which improved the outlook for Canada's commodity-linked currency, though broader USD/CAD losses remained limited as renewed geopolitical tensions sustained safe-haven demand for the USD. Brent crude, a close measure of oil prices, grew 3.80% to trade at $78.85 on the day. West Texas Intermediate followed the upside trend with a 3.55% gain to trade at $73.94. In Monday's G10 trading, the CAD remained mostly bullish among other currencies. The mild-impact event for the loonie will be the Manufacturing and Wholesale data for May, due on Wednesday. For the USD, the major events will be the inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, due on Tuesday. The USD/CAD pair was trading at 1.41389, with a 0.13% decline during Monday's American trading hours at the time of writing.
The Canadian dollar held higher against the US dollar on Monday, as the loonie found support from rising crude oil prices, which improved the outlook for Canada's commodity-linked currency, though broader USD/CAD losses remained limited as renewed geopolitical tensions sustained safe-haven demand for the USD.
Brent crude, a close measure of oil prices, grew 3.80% to trade at $78.85 on the day.
West Texas Intermediate followed the upside trend with a 3.55% gain to trade at $73.94.
In Monday's G10 trading, the CAD remained mostly bullish among other currencies.
The mild-impact event for the loonie will be the Manufacturing and Wholesale data for May, due on Wednesday.
For the USD, the major events will be the inflation data for June and testimony of Federal Reserve Chair Kevin Warsh, due on Tuesday.
The USD/CAD pair was trading at 1.41389, with a 0.13% decline during Monday's American trading hours at the time of writing.