Crude Oil’s Uptick Raises Canadian Dollar, Will the USD/CAD Keep Surging?


The Canadian Dollar has bounced off recent lows, having found support after the North American close as crude oil picked up after statements from OPEC+ AND Saudi Arabia.

The WTI futures contract is currently near US$ 91 bbl, and the Brent contract is above US$ 97.

These comments came from Haitham Al-Ghais, OPEC+ Secretary General Haitham Al-Ghais, and Saudi Arabian Energy Minister Prince Abdulaziz bin Salman. The statements emphasized that crude oil production could be reduced if necessary.

The boosted crude oil saw AUD, Loonie, and New Zealand Dollar enjoying tailwinds from other commodities and reaching higher levels.

The Canadian Dollar was also supported by the possibility of Canada supplying Natural gas to Europe. Energy prices remain a constant source of headaches.

The Euro and Pound sterling stays under pressure with increased natural gas prices creating headaches on solution as winter comes into view. The Euro remains languishing at 20-year lows under 0.9950.

Gold and silver found some support in the Asian session after six consecutive days of losses and are trading around US$ 1,738.

The Fed policies and circumstances surrounding the greenback have led APAC equity indices into losses. While European indices are headed to a tough day, US futures are beginning their cash session stable.

Will USD/CAD scale be higher?

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