Canadian dollar rises on Middle East ceasefire optimism
The loonie rose to 1.3885 per U.S. dollar as Middle East ceasefire hopes boosted risk appetite. This offset stagnant manufacturing data and lower oil prices.
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The Canadian dollar strengthened against its U.S. counterpart on Wednesday as rising expectations of a ceasefire in the Middle East conflict offset domestic data showing stagnation in the manufacturing sector of Canada. The currency pair, often tracked via USD/CAD, was trading 0.2% higher at 1.3885 per U.S. dollar, or 72.02 U.S. cents, after moving within a daily range of 1.3873 to 1.3919. This recovery follows a session on Tuesday where the loonie touched a near four-month low of 1.3966.
