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USD/CAD appreciates to near 1.3750 due to lower Oil prices

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Majors,Macroeconomics,Commodities

USD/CAD continues its winning streak for a third successive session, trading around 1.3760 during the European hours on Tuesday.

USD/CAD gains ground due to the hawkish sentiment surrounding the Fed. CME FedWatch Tool suggests the odds of a Fed rate cut in September have decreased to nearly 49.0%. The decline in the WTI priceput pressure on the commodity-linked Canadian Dollar. US Dollar remains strong as investors adopt cautious stance ahead of the Federal Reserve’s interest rate decision scheduled on Wednesday. The Federal Reserve is anticipated to keep interest rates steady in the range of 5.25%-5.

Crude Oil prices are bolstered by expectations of increased fuel demand this summer. According to Reuters, analysts at the energy consulting firm Gelber and Associates noted, Futures are higher as expectations of summer demand are supportive of prices despite the broader macro landscape remaining less optimistic than weeks previous. In Canada, the unemployment rate rose to a more than two-year high of 6.2% in May.

 

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