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US Dollar Weakens Against Its Canadian Counterpart as Hostilities Flare in The Middle East

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The US dollar weakened against its Canadian counterpart, with oil prices mixed while gold prices edged down. President Trump over the weekend also posted on his Truth Social site that the Canadian dollar's imbalance with the US was "unacceptable" but didn't elaborate.

The greenback fell 0.2% to CA$1.3788 on last look.

Hostilities worsened in the Middle East, after Iran-backed Houthi rebels attacked several cities in Saudi Arabia.

Iran's Islamic Revolutionary Guard Corps (IRGC) also claimed its air defences destroyed a drone over the Strait of Hormuz, Al Jazeera reported Tuesday. The news agency also reported that the IRGC claimed to have seized an unmanned US submarine at the entrance of the Strait of Hormuz.

Comex December gold futures fell 0.8% to $4,438.90 per ounce.

West Texas Intermediate October crude oil futures, the US benchmark, were last seen up 0.7% to $92.09 per barrel. November Brent oil futures, the international benchmark, slipped 0.05% to $96.95 per barrel.

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