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fxJun 23, 2026, 2:02 AM

USD/CAD Stays Near Multi-Month High on Bearish Oil, BoC-Fed Divergence

The USD/CAD pair edges higher in Asian trading, supported by falling oil prices and diverging monetary policy expectations between the Bank of Canada and the Federal Reserve.

USDCAD

The USD/CAD pair attracted dip-buyers following a modest pullback from its highest level since April 2025, trading around 1.4165-1.4170 during the Asian session.

Bearish crude oil prices continue to weigh on the commodity-linked Canadian dollar, while the policy divergence between the BoC (expected to ease further) and the Fed (hawkish hold) adds downward pressure on CAD.

Traders now eye key support and resistance levels ahead of upcoming Canadian and US data releases.

Source: FXStreet Forex News