USD/CAD climbs to 1.4270, marking an 18-month peak as the Canadian Dollar weakens alongside a decline in global crude oil prices.
The USD/CAD pair has extended its gains for three consecutive days, reaching 18-month highs near 1.4270. This upward momentum is fueled by the persistent weakness in the Canadian Dollar resulting from the decline in oil prices.
The pair is trading around 1.4270, near 18-month highs.
Oil prices have experienced a decline, which directly impacts the Canadian Dollar due to Canada's status as a major oil exporter. This downward pressure on the commodity is a primary driver for the current weakness observed in the CAD.
Canada is a significant oil exporter, so its currency often correlates with oil price fluctuations.
The USD/CAD pair extended its winning streak to a third consecutive session, climbing to 1.4270 during Tuesday's European trading hours. The Canadian Dollar remains under pressure as declining crude oil prices weigh on the commodity-linked currency, pushing the pair toward fresh 18-month highs.
The Canadian Dollar is a commodity-linked currency, meaning its value is highly sensitive to oil prices. As crude oil prices decline, the CAD faces downward pressure, allowing the USD/CAD pair to reach 18-month highs.