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fxJun 8, 2026, 3:49 PM

Canadian Dollar Softens as Gulf Peace Hopes Weigh on Oil Prices

The Canadian Dollar weakened on Monday as a pullback in crude oil prices, driven by Gulf peace hopes, weighed on the commodity-linked currency. USD/CAD traded near 1.3950.

USDCAD

The Canadian Dollar eased against its US counterpart on Monday, with USD/CAD holding in a narrow band around 1.3950. The Loonie failed to capitalise on a softer US Dollar.

The weakness stemmed from a mild pullback in crude oil prices, as growing optimism for a peace settlement in the Gulf region reduced risk premiums in energy markets. As a commodity-linked currency, the Canadian Dollar is particularly sensitive to oil price movements.

The pair remains near two-month lows, reflecting ongoing uncertainty around oil supply dynamics and broader risk sentiment.

Source: FXStreet Forex News