January 9, 2023 – Written by John Cameron
STORY LINK Pound Canadian Dollar Exchange Rate News: GBP/CAD Wavered amid Oil Price Rally
Canadian Dollar (CAD) Supported by Surging Oil Prices
The Canadian Dollar (CAD) enjoyed moderate success to open the week with a spike in oil prices. The commodity-linked ‘Loonie’ saw a boost in demand as China rolled back their strict Covid measures, bolstering demand for oil. A 3% jump from the opening levels, WTI crude traded around $76 a barrel on improving demand expectations.
Coming off the back of winding down numerous anti-Covid measures, Beijing have announced the reopening of their borders after almost three…
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