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fxJul 20, 2026, 2:27 AM

USD/CAD Drops to Near 1.4005 as Oil Supports Loonie

The Canadian Dollar edged higher against the US Dollar, pushing USD/CAD down to around 1.4005 during Asian hours on Monday, supported by rising crude oil prices.

USDCAD

The USD/CAD pair extended its decline during Asian trading on Monday, approaching the 1.4000 level and reaching near 1.4005.

Rising crude oil prices provided support to the commodity-linked Canadian Dollar (CAD), putting downward pressure on the pair. The move reflects a typical correlation between oil and the loonie, given Canada's status as a major oil exporter.

Source: FXStreet Forex News