The USD/CAD currency pair declined to around 1.3800 during Asian trading hours on Thursday, extending losses for the second consecutive day, according to FX Street.
The Canadian Dollar found support from rising oil prices, which helped the currency strengthen against the US Dollar. At the same time, the US Dollar weakened, contributing to the downward movement in the USD/CAD pair.
For Japanese investors, the movement in USD/CAD highlights the ongoing influence of commodity prices on currency pairs, which can impact FX strategies involving resource-linked currencies like the Canadian Dollar.