CAD/USD (CADUSD=X)
| Previous Close | 0.7785 |
| Open | 0.7785 |
| Bid | 0.7747 |
| Day's Range | 0.7732 - 0.7798 |
| 52 Week Range | 0.7563 - 0.8137 |
| Ask | 0.7746 |
- Baystreet
Canadian Dollar Hits Two-Month High As Oil Prices Rise
The Canadian dollar is at its highest level in two months against the U.S. dollar as oil prices rise ...
- Reuters
Canadian dollar strengthens as oil prices rebound
The Canadian dollar rallied against its broadly weaker U.S. counterpart on Monday as oil prices rose and investors continued to bet on another oversized interest rate hike by the Bank of Canada despite disappointing Canadian jobs data last week. The price of crude oil, one of Canada's major exports, rebounded from a six-month low it hit on Friday as positive economic data from China and the United States fed hopes for demand. U.S. crude oil futures settled nearly 2% higher at $90.76 a barrel, while the Canadian dollar was trading 0.5% higher at 1.2860 to the greenback, or 77.76 U.S. cents.
- Reuters
Canadian dollar seen higher if recession fears fade - Reuters poll
Analysts expect the Canadian dollar to rally over the coming year, betting the threat of recession will ease as the U.S. Federal Reserve and the Bank of Canada likely wind down rate-hike cycles in 2023, a Reuters poll showed. "USD strength comes from both Fed rate hikes as well as fears that those hikes will provoke a recession in 2023," said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York. "If and as those fears fade in 2023, with the Fed and BoC going on hold, the USD should fade lower and USD-CAD should revert toward its long-run average, and where it should be based on excellent Canadian currency fundamentals."
