USD/CAD Slides on Rising Oil Prices

The USD/CAD pair continues to decline, trading around 1.3560, marking its fourth consecutive session of losses. This depreciation is driven by significant support for the Canadian Dollar (CAD), which is closely linked to oil prices.

Canada’s position as the largest supplier of crude oil to the United States means that higher oil prices provide a strong backing for the CAD. Traders are observing this relationship, as fluctuations in crude oil can directly impact the currency pair’s performance. Watching the commodity market and trading trends will be essential for those looking to navigate the USD/CAD landscape.