The USD/CAD currency pair experienced a decline, trading around 1.3710 during the Asian session on Friday. This drop reflects a pullback from recent gains, driven primarily by a weakened US Dollar. Market expectations surrounding two additional Federal Reserve rate cuts slated for 2026 have contributed to the USD's depreciation against the Canadian Dollar.
Adding to the USD/CAD's downward pressure are rising oil prices, which support the Canadian Dollar. As oil remains a crucial export for Canada, higher prices typically bolster the currency, further influencing the exchange rate. Traders will be closely monitoring these developments as the market adjusts to changing economic forecasts and monetary policy expectations.
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Data Source: FX Killer Analysis Team Updated: 2026-01-02 04:40
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.