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fxAug 5, 2026, 7:50 AM

USD/CAD Gains for Fourth Day as Oil Slide Weighs on Loonie

The US dollar extended its advance against the Canadian dollar on Wednesday, pushing toward weekly highs as falling crude prices dampened demand for the commodity-linked loonie.

USDCAD

The USD/CAD pair climbed for a fourth consecutive session, approaching the weekly high of 1.4080. The greenback strengthened broadly, but the loonie underperformed as crude oil prices declined.

Canada’s currency often tracks the price of oil, a key export. Softer crude, driven by global demand concerns, eroded CAD support, allowing USD/CAD bulls to extend the rally.

The move highlights the pair’s sensitivity to energy markets. With no major Canadian data on the calendar, the loonie’s fate remains tied to oil price action and broader USD sentiment.

Source: FXStreet Forex News