Canadian dollar hits two-month low as geopolitics dominates trading

The Canadian dollar weakened to a two-month low versus the U.S. dollar as safe-haven demand for the greenback offset any economic boost from higher oil prices. The move signals that USD strength and risk-off positioning are outweighing commodity support for CAD, limiting near-term upside for the currency despite firmer oil.

Analysis

The Canadian dollar weakened to a two-month low versus the U.S. dollar as safe-haven demand for the greenback offset any economic boost from higher oil prices. The move signals that USD strength and risk-off positioning are outweighing commodity support for CAD, limiting near-term upside for the currency despite firmer oil.