The Canadian dollar recovered to surpass the 1.35 per USD level, bouncing back from a more than one-month low of 1.352 USD on Jan. 24, despite the strength of the US dollar.
The increase was driven by burgeoning oil benchmarks, boosted by increased US GDP growth, Chinese stimulus measures, and a reduced supply, as shown in the EIA report.
Tensions in the Middle East also fueled a climb in oil prices, impacting the Loonie.
The Bank of Canada confirmed that interest rates had peaked, indicating caution over potential rate cuts as inflation risks remain on the rise.