Canadian Dollar Weakens as Oil Slides and USD Rebounds on Fed Bets
The Canadian dollar retreated on Friday, snapping a three-day winning streak, as falling oil prices and a firmer US dollar weighed on the loonie.
USDCAD
USD/CAD edged higher during Asian trading on Friday, breaking a three-session decline that had taken the pair to its lowest since June 17. The move came amid sliding crude oil prices, a key export for Canada, which dragged on the loonie.
Meanwhile, the US dollar found support from expectations that the Federal Reserve will keep rates higher for longer, as well as safe-haven demand due to elevated geopolitical risks in the Middle East.
Source: FXStreet Forex News