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fxJul 22, 2026, 1:55 AM

USD/CAD Eases to 1.4100 as Oil Rally Supports Canadian Dollar

The USD/CAD pair retreated from weekly highs during Asian trading Wednesday, settling near the 1.4100 level. Bullish oil prices provided support for the Canadian Dollar, though analysts caution that upside potential may be limited.

USDCAD

The USD/CAD pair edged lower during the Asian session on Wednesday, failing to extend the strong weekly gains recorded over the previous two days. Spot prices currently trade around the 1.4100 round figure.

The Canadian Dollar found support from rising oil prices, which typically benefit the commodity-linked currency. However, the fundamental backdrop suggests caution for aggressive bearish positioning on the pair, as the upside for the loonie appears capped.

Source: FXStreet Forex News