USD/CAD at Lowest Level in Three Weeks as Oil Prices Surge

The Canadian Dollar (CAD) capitalized on the decline of the U.S. Dollar (USD) across the board and the surge in crude oil prices to rise to its highest level in about three weeks.

The USD/CAD pair declined by about 0.64% and reached the level of 1.2448 by the end of the American session, its lowest since July 12.

Earlier, data showed that despite the U.S. economy continuing to register strong economic growth, the Q2 number was weaker than expected.

Moreover, the greenback remained weakened by the Federal Reserve’s stance in maintaining accommodative policies despite reflation concerns.

Meanwhile, oil futures registered their highest gain in a week and settled at their highest level in three weeks.