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fxJun 23, 2026, 9:40 PM

Canadian Dollar Falls 0.4% as USD Strengthens, Oil Weighs

The Canadian dollar fell 0.4% on Tuesday as the US dollar hit new year-to-date highs and oil prices declined, pushing USD/CAD above 1.4200 for the first time since April.

USDCADOIL

The loonie declined 0.40% on Tuesday, pressured by broad US dollar strength that lifted the greenback to fresh year-to-date highs. Falling oil prices added to selling pressure on the Canadian dollar, given the country's status as a major oil exporter.

USD/CAD traded above 1.4200 for the first time since April, as the pair extended its recent rally. The move reflects diverging monetary policy expectations and commodity price trends weighing on the Canadian currency.

Source: FXStreet Forex News