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fxJul 28, 2026, 2:25 AM

Canadian Dollar Struggles Near Two-Week Low vs USD as Oil Drops, Eyes on FOMC

The Canadian dollar hovered near a two-week low against the U.S. dollar on Tuesday, pressured by falling oil prices, as traders awaited the Federal Reserve’s policy decision.

USDCAD

The Canadian dollar held near its weakest level in two weeks against the greenback during Asian trading on Tuesday, with USD/CAD consolidating in a bullish phase just under a two-week peak reached earlier in the session.

Bearish crude oil prices added to the loonie’s headwinds, as oil is a key Canadian export and often influences the currency.

Market participants were also looking ahead to the Federal Reserve’s policy announcement, which could further drive the pair’s direction.

Source: FXStreet Forex News