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fxJul 9, 2026, 1:45 PM

Canadian Dollar Stays Range-Bound as Oil Drop, Weaker USD Offset

USD/CAD trades around 1.4170 on Thursday, virtually unchanged, as weakness in the US Dollar offsets the negative impact of lower oil prices on the Canadian Dollar.

USDCAD

The Canadian Dollar remains trapped in a narrow range against the US Dollar on Thursday. USD/CAD is hovering near 1.4170, showing little net change on the day.

The pair is caught between two opposing forces: a softer US Dollar that typically supports the Canadian Dollar, and sliding crude oil prices that weigh on Canada's commodity-linked currency. These factors are roughly canceling each other out, leaving the pair range-bound.

No other major economic releases or catalysts have been cited for the muted price action.

Source: FXStreet Forex News