Canadian dollar edges higher despite rising oil prices

The Canadian dollar rose against most of its counterparts on Monday, despite oil prices' jump to a 3-year high.

Bearing in mind that the Canadian dollar is a commodity currency, as oil is one the major Canadian exports, and the currency is affected by oil prices movements.

Evergrande's real estate crisis continues to grow, which faces a disastrous debt default scenario, which could destabilize many economic sectors in China.

The US Federal Reserve on Wednesday kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.

As of 15:52 GMT, CAD/USD rose less than 0.1% to 0.791, and an intraday high at 0.7930, and a low at 0.7890.