The Canadian Dollar (CAD) is seeing minor gains against the US Dollar (USD) on Thursday as the Greenback eases off from recent gains. With Oil barrel
to print a meager 0.1% versus the previous month’s -0.2%. Oil prices and the broad-market US Dollar Index are set to remain the CAD’s main drivers on the charts.The CAD gained nearly 2.3% against the USD in September, bolstered by scorching Oil prices.
The USD/CAD is currently down 1.5%, with surging DXY winning the head-to-head battle with crude barrel prices in the near term.Bank of Canada officials have been routinely hitting the wires trying to jawbone inflation lower with threats of higher interest rates. The BoC’s Governor Macklem and Deputy Governor Kozicki have made appearances, reiterating calls for rates to remain higher for longer as inflation still remains too high.
Canada was the world’s second-largest oil exporter in Dollar-adjusted terms, exporting over $120 billion USD of crude in 2022, nearly 9% of the entire global oil export market. One of the top oil exporting countries globally, the Loonie sees a majority of its momentum dictated by barrel prices.The Canadian Dollar has gained against the US Dollar from September’s peak in the USD/CAD near 1.3695, and is set to close out the month near where it started at 1.3500, if directional momentum remains elusive heading into the final days of September’s trading.is currently pinned to the 34-day Exponential Moving Average at the 1.
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