USD/CAD exchange rate reached 1.3495 due to Middle East tensions, crude oil surge, and US labor market resilience.

The USD/CAD exchange rate climbed to 1.3495 amid rising geopolitical tensions in the Middle East, reinforcing the US dollar as a safe-haven asset. The US ISM Manufacturing PMI remained stagnant at 47.2, signaling ongoing economic challenges. Crude oil prices surged following Iran's missile attack on Israel, bolstering the Canadian dollar. Meanwhile, the US labor market showed resilience, with job openings increasing, although the Federal Reserve may consider a rate cut in November.

October 01, 2024
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