Canadian dollar is getting some help today from higher oil prices. Dollar weakness has set in, and oil prices are moving higher, providing the loonie with a bit of an advantage.
Canadian dollar has struggled quite a bit recently, thanks largely to floundering oil prices. Oil has been lower, thanks to increased supply, and that has weighed on the loonie, which is connected to oil prices. Now, though, oil is heading higher. Some of the increase in oil prices is due to concerns about how long supply can remain high.
Now, though, oil is heading higher. Some of the increase in oil prices is due to concerns about how long supply can remain high. After all, things are becoming unsettled in the Middle East, with the latest news out of Yemen. Additionally, worries about Russia persist. With all of this unrest, oil is getting a little help.
Loonie is also higher as the US dollar weakens a little bit. The Federal Reserve doesn’t look to raise interest rates so soon after all, and that is resulting in some dollar weakness.
At 10:47 GMT USD/CAD is lower, dropping to 1.2494 from the open at 1.2523. EUR/CAD is higher, gaining to 1.3730 from the open at 1.3708. GBP/CAD is down to 1.8658 from the open at 1.8725.
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