Forex: USD/CAD – Lacking direction around mid-1.02’s
iNVEZZ.com Friday July 26th: Canada’s dollar was lower against the USD in Asian trading today, hitting 1.0289, below yesterday’s high at 1.0313.
Since the start of the European session, the pair has dropped further to 1.0262, but there’s a lack of clear direction in the absence of meaningful updates today.
The CAD has recently firmed on rising commodity prices which have been lowering funding costs for energy companies globally and benefiting the major oil producers in Canada.
According to a note from Citigroup Inc today, the increase in oil prices has been down to temporary factors, such as political turmoil in the Middle East and seasonal increases in US oil demand.
Crude oil futures have risen 0.2 percent to C$105.57 per barrel today, after yesterday sustaining the biggest one-day drop in a month. Oil has now been above $100 per barrel since July 3.
Yesterday, gold futures gained 0.9 percent to reach $1,333.83 an ounce in New York trading, close to the one-month high of $1,325 reached on Monday this week.