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USD/CAD holds near April 2025 highs as oil weakens
Spot USD/CAD traded around 1.4265, after holding near a 1.4300 level that marked the pair's highest since April 2025.
FXStreet reports that USD/CAD drew some dip-buying in the Asian session Tuesday, pausing a modest pullback from around 1.4300, the pair's highest level since April 2025.
According to FXStreet, spot prices were around 1.4265 and the near-term uptrend was supported by a mix of factors, including crude oil trading near a one-month low and a Bank of Canada policy stance described as predominantly dovish.
FXStreet also pointed to US dollar sentiment as bullish and said US-Canada trade tensions and ongoing Middle East conflict risk helped keep a geopolitical risk premium, supporting the US dollar.
The outlet added that Yemen's Houthi group said it carried out three military operations using ballistic and cruise missiles and drones against airports, an oil facility, and militant targets.
Latest closeWTI crude $89.70 ▼1.6%