USD/CAD Rises to 1.4230 as Lower Oil Prices Weigh on Canadian Dollar
USD/CAD extended its gains for a second straight day, trading near 1.4230 in Asian hours on Tuesday, as falling oil prices and a stronger US dollar pressured the commodity-linked Canadian dollar.
USDCAD
The Canadian dollar weakened against its US counterpart, pushing USD/CAD to around 1.4230 during Tuesday's Asian session. The pair extended its rally for a second consecutive day.
Lower energy prices continued to weigh on the commodity-linked loonie, while the US dollar gained broadly. Crude oil, a key Canadian export, declined, undermining the CAD, and no additional data catalysts were cited for the move.
Source: FXStreet Forex News