USD/CAD continues the winning streak for the fourth consecutive day, trading lower around 1.3720 during the European session on Friday. The pair recei
USD/CAD extends gains as fears over the Middle East situation escalate. US Dollar faced resistance after Fed Chair Powell’s dovish remarks over interest rate trajectory. Solid US economic figures provide support to underpin the Greenback. ves upward support as the risk-off sentiment prevails, which could be attributed to the fears of an escalation in the Middle East conflict, particularly due to the preparations for a potential ground invasion of Gaza by Israel.
This, in turn, is viewed as a significant factor contributing to the relative underperformance of the Canadian Dollar , providing support for the USD/CAD pair. However, the bullish trend in Crude oil prices, which supports the commodity-linked Loonie, could act as a counterforce, limiting further gains in the USD/CAD pair. Western Texas Intermediate oil price extends the gains for the fourth successive day, trading higher around $89.00 per barrel during the European session on Friday.
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