Canadian Dollar Weakens as USD/CAD Extends Gains to 1.3980
USD/CAD rose to 1.3980 during Asian hours on Friday, extending gains for a second day as the Canadian Dollar weakened despite easing risk aversion. However, resistance may emerge if the US Dollar is sidelined by geopolitical developments.
USDCAD
The Canadian Dollar continued to lose ground on Friday, pushing USD/CAD to around 1.3980 during the Asian session. This marks the second consecutive day of gains for the pair.
Despite a broader easing of risk aversion that typically supports the Canadian Dollar, the currency failed to capitalize. Analysts suggest that any further upside in USD/CAD could be limited if a sudden reduction in geopolitical tensions sidelines the US Dollar, reducing demand for the greenback.
Source: FXStreet Forex News