The post USD/CAD extends gains to near 1.3900 due to lower Oil prices appeared on BitcoinEthereumNews.com.

USD/CAD appreciates as the commodity-linked CAD receives downward pressure from lower crude Oil prices. WTI Oil price has dropped over 4% due to an easing in geopolitical tensions in the Middle East. CME FedWatch Tool suggests a 92.8% chance of a 25-basis-point rate cut by the Fed in November. The USD/CAD pair continues its winning streak, rising for the fourth consecutive day and trading around 1.3900 during the Asian session on Monday. The Canadian Dollar (CAD) is facing pressure from declining Oil prices, as Canada is the largest crude Oil exporter to the United States (US). West Texas Intermediate (WTI) crude Oil price has dropped over 4%, currently trading around $68.40. This decline is attributed to easing geopolitical tensions after Israel’s targeted airstrikes on Iran early Saturday, which focused on missile and air defense sites and were less severe than anticipated. On Friday, Statistics Canada reported a 0.4% increase in Retail Sales for August, totaling $66.6 billion. Sales rose in four out of nine subsectors, primarily driven by gains in motor vehicle and parts dealers. However, Core Retail Sales, which exclude gasoline stations, fuel vendors, and motor vehicle and parts dealers, fell by 0.4% in August. Traders will be closely watching the speech by Bank of Canada (BoC) Governor Tiff Macklem, who is set to participate in a fireside chat at The Logic Summit in Toronto on Monday. The upside of the USD/CAD pair could be attributed to the stronger US Dollar (USD) following the recent positive economic data from the United States (US), which has fueled expectations for a more cautious stance from the Federal Reserve (Fed) in November. According to the CME FedWatch Tool, there is a 92.8% probability of a 25-basis-point rate cut by the Fed in November, with no expectation of a more substantial 50-basis-point cut.…

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Filed under: News - @ October 28, 2024 3:52 am