The Canadian Dollar strengthens for a third day amid softer US economic data and rising oil prices, pushing USD/CAD lower.
The Canadian Dollar extended gains against the US Dollar, with USD/CAD dropping to 1.3870 in Asian trading on Monday. The decline marks the pair’s third consecutive session of losses, driven by a weaker USD and higher oil prices.
Recent US economic data fell short of expectations, weighing on the USD and supporting the CAD. Oil prices, a key export for Canada, also climbed, further bolstering the currency’s performance.
The move reflects shifting market expectations around central bank policies and broader macroeconomic trends.