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fxJul 8, 2026, 4:10 PM

Canadian Dollar Gains as Oil Rally on Geopolitical Tensions Weighs on USD/CAD

USD/CAD trades around 1.4190, down 0.10% on Wednesday, as the Canadian Dollar benefits from a sharp rebound in oil prices driven by renewed geopolitical tensions in the Middle East.

USDCAD

The Canadian Dollar strengthened on Wednesday, pushing USD/CAD lower to the 1.4190 area, a decline of 0.10% on the day.

The move comes as oil prices stage a sharp rebound, fueled by renewed geopolitical tensions in the Middle East. Higher crude prices typically support the loonie, given Canada's status as a major oil exporter.

Market participants are now awaiting upcoming jobs data, which could provide further direction for the pair.

Source: FXStreet Forex News