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CAD/USD Maintains Gains Below Eight-Day High

M. Ali 26 June, 2021 2:50 am Forex Market, Market Update

The Canadian Dollar (CAD) rose against its U.S. counterpart on Friday, supported by the U.S. Dollar’s (USD) decline across the board.

The USD/CAD pair declined by 0.20% to reach 1.2299.

In the early trading hours of the trading session, around 10:30 AM Eastern Time, the pair was trading at 1.2272, the best level for the CAD in about eight weeks.

Meanwhile, the pair’s highest level was at 1.2330.

Rising oil prices are providing support for the Canadian currency, while the greenback continues to be weighed by inflation and interest rates expectations.

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