USD/CAD consolidates below 1.4050 as Mideast crisis supports oil
The USD/CAD pair is trading in a tight range below the mid-1.4000s during Asian hours on Thursday, holding near a one-week low as oil prices get a boost from Middle East tensions, supporting the Canadian dollar.
USDCAD
USD/CAD is stuck in a narrow range beneath the mid-1.4000s during Thursday’s Asian session, hovering just above its weakest level in over a week.
Oil prices have edged higher on escalating Middle East tensions, lending support to the commodity-linked Canadian dollar. This has capped the pair’s upside despite a steady US dollar.
Market focus now turns to upcoming US economic releases, which could provide fresh direction for the greenback and the pair.
Source: FXStreet Forex News