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fxJun 9, 2026, 2:29 AM

Canadian Dollar Bounces Off Late March Low vs Weaker USD, Gains Capped by Oil

USD/CAD edged lower on Tuesday as the Canadian dollar bounced off late March lows, supported by a softer USD, though weak oil prices capped further upside.

USDCAD

The Canadian dollar rebounded from its late March lows against the US dollar during Asian trading on Tuesday, with the USD/CAD pair slipping into negative territory.

However, the decline was limited, with spot prices trading just below the mid-1.3900s, down less than 0.05% for the day. The move partially reversed the previous session's gains that had taken the pair to its highest level since late March.

A softer US dollar provided some support for the loonie, but weak crude oil prices—a key Canadian export—kept further gains in check. The lack of follow-through selling suggests that the pair may remain range-bound in the near term.

Source: FXStreet Forex News