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USD/CAD moves below 1.3700 as Oil prices rise on potential spread of Gaza war to Lebanon

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Oil,Majors,Macroeconomics

USD/CAD halts its two days of gains, trading around 1.3680 during the European hours on Thursday.

USD/CAD losses ground as the commodity-linked Canadian Dollar receives support from the upside of the crude Oil prices. Oil prices appreciate due to escalated Cross-border tensions between Israel and Lebanon's Hezbollah. US GDP Annualized is expected to slightly increase by 1.4%, against the previous growth of 1.3%. The USD/CAD pair struggles as the commodity-linked Canadian Dollar receives support from the upside of the crude Oil prices.

Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another.

 

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