After nearing its lowest levels since late April during the Canada Day holiday yesterday, the Canadian dollar has partially reversed losses and is the strongest major currency this morning and is up 0.5% against USD. The CAD strength comes as oil prices approach their highest levels since 2014 in response to the OPEC+ countries struggling to reach a supply increase agreement. The Canadian dollar is being further supported by a weak June US jobs report which is pressuring the US dollar broadly. The US dollar had been on an upswing since mid June when the Fed surprised markets by indicating that it may raise rates sooner than expected. With the exception of OPEC+ plus developments there is not much that could cause volatility in the USD to CAD exchange rate between now and Tuesday when the US markets reopen after the holiday on Monday.
