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US dollar falls against Canadian dollar as oil prices stay weak

USD/CAD was down 0.15% to about 1.4240, while JPMorgan cited Middle East crude shipments near 17.5 million barrels per day, about 98% of pre-war levels.

Reported · Written up by our desk · Major Pairs

FXStreet reports the USD/CAD pair fell 0.15% on Tuesday, trading around 1.4240 and easing away slightly from recent highs near 1.4300.

The Canadian dollar drew support despite pressure from weaker oil prices, with the source pointing to signs of improving global crude supply.

FXStreet said oil remains soft as recovering Middle East exports weigh on prices, citing JPMorgan data that regional crude shipments have reached 17.5 million barrels per day, about 98% of pre-war levels, and refined product flows including diesel and gasoline have recovered to 3 million barrels per day.

The outlet added that supply improvements follow a G7 agreement to release 100 million barrels of diesel and crude from emergency reserves, and noted Kuwait production recovering to around 75% of pre-conflict levels and Saudi Arabia lowering official selling prices for Asian buyers, factors expected to keep oil under pressure and leave CAD vulnerable.

Latest closeWTI crude $89.70 ▼1.6%|Gasoline (RBOB) $3.242 ▼2.1%

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