Canadian Dollar Extends Recovery on Weaker USD, Higher Oil
The USD/CAD pair continues to decline for a second straight day, unable to build on a prior bounce, as the Canadian dollar benefits from a softer US dollar and rising oil prices.
USDCAD
The Canadian dollar is extending its recovery from year-to-date lows, supported by a weaker US dollar and an uptick in oil prices. The USD/CAD pair turned lower for the second consecutive day after a modest Asian session rise to the 1.4200 level.
Despite a brief bounce from a nearly two-week low earlier, the pair struggled to hold gains, reflecting renewed selling pressure on the greenback. Higher crude oil prices, a key export for Canada, are also lending support to the loonie.
Source: FXStreet Forex News