Canadian dollar lifted by higher oil prices

FXStreet (Córdoba) – The Canadian dollar strengthened at the beginning of the American session and dragged USD/CAD back below 1.3900 to retest daily lows as oil prices rally.

USD/CAD turned lower after hitting a 1-week high of 1.3939 and dropped all the way toward to a marginal new low of 1.3860. The pair was last trading at 1.3865, 0.27% below its opening price.

WTI for February delivery gained more than 2% and climbed to $37.65 a barrel, while Brent was up by more than 2% as well, with a high of $37.59.

Still USD/CAD remains near an 11-year high of 1.4000 struck on December 18 as the loonie tracked the slump witnessed in oil prices. Despite recent stabilization, WTI remains on track for a 30% loss in 2015.

The Canadian dollar strengthened at the beginning of the American session and dragged USD/CAD back below 1.3900 to retest daily lows as oil prices rally.

(Market News Provided by FXstreet)