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fxJun 23, 2026, 3:08 PM

Canadian Dollar Slides to Multi-Month Low as Fed Rate Hike Bets Rise, Oil Weighs

USD/CAD climbed to 1.4190 on Tuesday, extending its winning streak to four days and hitting the highest level since April, driven by rising Fed rate hike expectations and falling oil prices.

USDCAD

The Canadian dollar weakened sharply on Tuesday, pushing USD/CAD to 1.4190, up 0.25% on the day. The pair has now risen for four consecutive sessions, reaching its highest point since April.

Market sentiment turned against the loonie as expectations for further Federal Reserve rate hikes increased. Additionally, lower crude oil prices, a key Canadian export, added downward pressure on the currency. No specific price levels for oil were given in the report.

Traders are now watching for further catalysts, including upcoming economic data from both Canada and the US, that could drive the next move in the pair.

Source: FXStreet Forex News