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fxAug 5, 2026, 12:35 PM

Canadian Dollar Strengthens as Oil Rebounds and USD Softens After Weak ADP Data

The Canadian dollar firmed against the US dollar on Wednesday, supported by a rebound in oil prices and a softer greenback following disappointing ADP employment figures.

USDCADWTI

USD/CAD slipped to around 1.4040 during Wednesday's session, marking a 0.14% decline on the day. The loonie drew support from firmer crude oil prices, which often correlate with Canada's commodity-linked currency.

Weighing on the US dollar, ADP data showed weaker-than-expected private payrolls growth, tempering hawkish Federal Reserve bets. The combination pushed the pair lower as traders reassessed the near-term rate outlook.

The move extends recent choppy trading in the pair, with oil price swings and US economic data remaining key drivers for the Canadian dollar's direction.

Source: FXStreet Forex News