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fxAug 3, 2026, 1:38 PM

Canadian Dollar Weakens as Oil Slump Drives USD/CAD Above 1.40

USD/CAD edges higher to 1.4040 as falling oil prices drag the Canadian dollar lower. Traders await upcoming economic data releases.

USDCAD

The Canadian dollar is under pressure at the start of the week, with USD/CAD rising to around 1.4040, a gain of 0.14% on the day. The move follows a sharp decline in oil prices, which typically weighs on the commodity-linked loonie.

Crude oil's slump has removed a key support for the Canadian currency, while broader market focus now shifts to a batch of scheduled economic data releases. Traders are looking for fresh catalysts that could steer the pair's next move.

USD/CAD has reclaimed the 1.40 handle, with further upside possible if data surprises strengthen the greenback or additional commodity weakness drags on the CAD.

Source: FXStreet Forex News