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fxJul 15, 2026, 1:58 AM

Canadian Dollar Hits Four-Week High Against USD on Oil Strength, BoC in Focus

The Canadian dollar strengthened against the US dollar, reaching a four-week high as rising oil prices supported the currency. Markets now focus on the Bank of Canada's upcoming policy decision.

USDCAD

The USD/CAD pair extended its decline for a second consecutive day, falling to a four-week low near the 1.4045–1.4040 region during the Asian session. The move lower reflects broad US dollar weakness and a lift from rising crude oil prices, which typically benefit Canada's commodity-linked currency.

Attention now shifts to the Bank of Canada's monetary policy stance, with traders positioning ahead of any potential rate signals. The pair's next support levels will be closely watched as oil dynamics and central bank expectations drive near-term direction.

Source: FXStreet Forex News