Canadian Dollar Benefits from Rising Oil Prices

On Thursday, the USD/CAD pair declined as the American currency pressured its Canadian counterpart, benefiting from the rise in global oil prices.

The pair fell to 1.4015 compared to the previous day’s close of 1.4030. It reached its highest level on Thursday at 1.4031 and its lowest at 1.3998.

Oil prices recovered at the end of Thursday’s trading, benefiting from the exchange of accusations between Hezbollah and Israel of violating the ceasefire agreement reached by both sides in recent days.

Geopolitical tensions and related concerns, particularly affecting financial markets and oil, escalated after Israeli tanks shelled areas in southern Lebanon on Thursday.

Oil futures rose to $68.86 per barrel compared to the previous day’s close of $68.72 per barrel. US crude fell to its lowest level on Thursday at $68.24, compared to its highest level of $69.25.

Brent crude rose to $73.17 per barrel, adding 34 cents or 0.5%. It is likely that oil gains were limited due to low market liquidity amid the Thanksgiving holiday.