Canadian Dollar Gains on Higher Oil, USD/CAD Dips to 1.3900
USD/CAD fell during Asian hours on Friday as rising oil prices supported the commodity-linked Canadian Dollar, pushing the pair to around 1.3900.
USDCAD
The Canadian Dollar strengthened against its US counterpart on Friday, driving USD/CAD lower to trade near 1.3900 during Asian hours. The move followed two consecutive days of gains for the pair.
The commodity-linked loonie drew support from higher oil prices, a key export for Canada. No specific catalyst or price level for crude was cited in the report.
Traders will watch for further crude price moves and any macroeconomic data from Canada or the US that could influence the exchange rate.
Source: FXStreet Forex News