Canadian Dollar holds gains as oil rebounds and Fed rate-hike bets fade
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The Canadian Dollar held gains against the US Dollar on Thursday, keeping USD/CAD under pressure near the 1.4000 level. Rebounding crude oil prices, driven by Houthi missile attacks on Saudi oil tankers in the Red Sea, underpinned the commodity-linked Loonie. Hopes for a US-Iran peace deal and receding Federal Reserve rate-hike expectations kept the US Dollar on the defensive. Traders remained cautious ahead of Friday's US Nonfarm Payrolls and Canadian employment reports, which are expected to provide fresh direction for the pair.
