USD/CAD REMAINS BELOW 1.3500 DUE TO HIGHER OIL PRICES
- USD/CAD extends its losing streak due to higher Oil prices amid rising geopolitical tensions.
- WTI price gains ground due to rising fears of a broader Middle-East conflict and the potential shutdown of Libyan Oil fields.
- The US Dollar lost ground due to rising odds of a Fed rate cut in September.
USD/CAD loses ground for the third consecutive session, trading around 1.3480 during the early European hours on Tuesday. This downside of the USD/CAD pair could be attributed to the improving commodity-linked Canadian Dollar (CAD) amid rising crude Oil prices.
Crude Oil prices have surged due to concerns over potential supply disruptions, driven by fears of an escalating conflict in the Middle East and the possible shutdown of Libyan oil fields. In parallel, Hamas has rejected Israel's new conditions in ongoing ceasefire negotiations in Egypt, insisting that Israel comply with the terms set forth by US President Joe Biden and the UN Security Council.
However, US Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, told Reuters early Tuesday that concerns about an imminent broader conflict in the region have diminished. An exchange of fire between Israel and Lebanon's Hezbollah did not escalate further.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.