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fxJul 17, 2026, 1:12 PM

USD/CAD Drops to One-Month Low as Oil Rally Boosts Canadian Dollar

The Canadian Dollar strengthened on surging oil prices, pushing USD/CAD to a one-month low around 1.4022. The pair is on track for a second consecutive weekly loss.

USDCAD

USD/CAD traded under pressure on Friday, extending its weekly decline as a rally in crude oil prices supported the Canadian Dollar. The pair was last seen near 1.4022, close to its lowest level in about one month.

The Canadian Dollar gained against its US counterpart despite a broader recovery in the US Dollar index, with the move driven primarily by higher oil prices. Canada is a major oil exporter, and rising crude prices tend to boost CAD demand.

The pair now eyes its second straight weekly loss, reflecting persistent selling pressure. Traders continue to monitor oil price dynamics and broader risk sentiment for further direction.

Source: FXStreet Forex News