USD/CAD Extends Gains as Oil Drop Weighs on Canadian Dollar
USD/CAD rose for a third day, trading around 1.4140, as lower oil prices pressured the commodity-linked Canadian Dollar.
USDCAD
The Canadian Dollar weakened against the US Dollar on Friday, pushing USD/CAD to a third straight gain. The pair was trading near 1.4140 during Asian hours.
The decline in the commodity-linked loonie was attributed to easing oil prices, which typically impact Canada's export-driven economy. Lower crude oil values reduce export revenues and weigh on the currency.
Source: FXStreet Forex News