USD/CAD falls to near 1.4005 on higher crude oil prices
The Canadian Dollar is edging higher against the US Dollar, with the USD/CAD pair extending its downside to near 1.4005.
Rising crude oil prices are providing support to the commodity-linked Canadian Dollar.
Traders are also bracing for the release of Canada’s Consumer Price Index inflation data, which could impact the currency’s movement.
The odds for a US interest rate hike in July have decreased to 14%, which could weigh on the US Dollar.