Key Moments
- USD/CAD falls 0.26% to around 1.4160 during the European session as the Canadian Dollar strengthens.
- WTI trades more than 2.23% higher near $73.6 in European trading and is up over 7% so far this week.
- Markets focus on upcoming Canadian June labor data and the release of FOMC minutes at 18:00 GMT.
CAD Advances on Oil Rally and Geopolitical Headlines
The Canadian Dollar (CAD) is outperforming most major currencies in European trading on Wednesday, supported by a sharp move higher in oil prices. USD/CAD is down 0.26%, trading close to 1.4160, as investors react to a combination of stronger crude and geopolitical developments.
Oil is rallying after comments from United States President Donald Trump, who stated that the Memorandum of Understanding (MoU) with Iran is over. The move in crude has provided an additional tailwind to currencies tied to energy exports, with the Canadian Dollar among the primary beneficiaries.
Intraday Performance: CAD Leads Against JPY
The Canadian Dollar is broadly firmer across the G10 complex, with its strongest performance versus the Japanese Yen. The following table shows the percentage changes for CAD and other major currencies relative to one another.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.02% | 0.08% | 0.23% | -0.24% | 0.06% | -0.41% | -0.05% | |
| EUR | -0.02% | 0.06% | 0.20% | -0.26% | 0.04% | -0.42% | -0.07% | |
| GBP | -0.08% | -0.06% | 0.13% | -0.32% | -0.03% | -0.48% | -0.15% | |
| JPY | -0.23% | -0.20% | -0.13% | -0.46% | -0.15% | -0.63% | -0.29% | |
| CAD | 0.24% | 0.26% | 0.32% | 0.46% | 0.30% | -0.18% | 0.17% | |
| AUD | -0.06% | -0.04% | 0.03% | 0.15% | -0.30% | -0.47% | -0.16% | |
| NZD | 0.41% | 0.42% | 0.48% | 0.63% | 0.18% | 0.47% | 0.33% | |
| CHF | 0.05% | 0.07% | 0.15% | 0.29% | -0.17% | 0.16% | -0.33% |
The table is structured so that the base currency is listed on the left-hand side, while the quote currency appears at the top. For instance, selecting the Canadian Dollar from the left column and moving horizontally to the US Dollar cell shows the percentage move for CAD (base)/USD (quote).
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