The USD/CAD currency pair continues to struggle, remaining below the key psychological level of 1.3850 as it trades around 1.3830 during the Asian trading session on Thursday. This marks the fourth consecutive day in negative territory for the exchange rate, reflecting ongoing pressure from the robust performance of oil prices, which are a significant driver for the Canadian dollar.
The strength in oil markets has bolstered the CAD, as higher crude prices typically enhance the appeal of the Canadian dollar. As traders monitor the dynamics between these two currencies, the sustained weakness of the USD against CAD could signal further challenges for the greenback, particularly if geopolitical developments or economic data continue to favor the oil market's upward momentum.
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Data Source: FX Killer Analysis Team Updated: 2026-01-22 05:54
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.