USD/CAD holds its position above 1.3900, close to its three-month high recorded on Monday.
Oil prices fall sharply as limited military operations alleviate fears of an all-out war in the Middle East.
US Dollar strengthens as strong housing figures seem to outshadow soft JOLTs data.
The USD/CAD pair continues to gain traction on Tuesday with the quote rising by 0.23% to 1.3910 at the time of writing. The pair is trading near its three-month high of 1.3908 recorded on Monday and has been supported by a combination of factors, including the USD’s strength and a decline in oil prices.
The Greenback has been strengthening in recent weeks on the back of positive economic data, which has bolstered expectations for interest rate cuts by the Federal Reserve (Fed) in November. US JOLTs data from September came in mixed but somewhat below consensus. On the other hand, several home price indices from August beat expectations, demonstrating continued strength in shelter inflation.
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