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fxAug 3, 2026, 2:44 AM

Canadian Dollar Drifts Lower as Oil Decline Counters Weak USD

The Canadian dollar edged lower against the US dollar on Monday, as falling crude oil prices offset a weaker greenback. USD/CAD traded around 1.4030, up less than 0.1%, lacking strong directional conviction.

USDCAD

USD/CAD rose marginally on Monday, trading near 1.4030, as a dip in crude oil prices outweighed a softer US dollar. The pair remained stuck inside Friday’s trading range, indicating limited momentum.

Falling oil weighed on the commodity-linked loonie, with market participants citing optimism over potential progress in Iran nuclear talks. Meanwhile, the greenback struggled to gain traction amid mixed US economic signals.

The combination kept USD/CAD confined to a narrow range, with spot prices showing an increase of less than 0.10% for the day.

Source: FXStreet Forex News