The Canadian Dollar lost ground amid lower crude Oil prices. US Dollar appreciates due to higher US yields ahead of FOMC Minutes. WTI prices continue losing due to expectations of the Fed maintaining higher rates for longer. The appreciation of the pair could be attributed to a stronger US Dollar , possibly led by the higher US Treasury yields. Traders await the Minutes from the Federal Open Market Committee meeting held on May 1, seeking further clues about the Fed's policy stance.
On the CAD front, lower crude oil prices are exerting pressure on the Canadian Dollar , given Canada's status as the largest Oil exporter to the United States . West Texas Intermediate Oil price trades around $77.80 per barrel, at the time of writing. The decline in crude Oil prices could be attributed to expectations of the Federal Reserve maintaining higher interest rates for an extended period, which may impact fuel consumption in the US, the world's largest Oil consumer.
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Source: FXStreetNews - 🏆 14. / 72 Read more »