Forex
Canadian Dollar Extends Losses Against USD Amid Oil Price Slump
The Canadian Dollar has extended its losses against the US Dollar for the second consecutive day, despite the safe-haven currency's weakness on Monday.
Oil prices have dropped significantly, with Brent Crude falling more than $10 from last week's highs to levels near $85.00 and US benchmark WTI showing a similar reversal to $82.00.
The decline in Oil prices is weighing heavily on the Canadian Dollar, as it is Canada's main export.
Analysts at Brown Brothers Harriman see the risk skewed to the upside for the USD, suggesting that policy and data dynamics still lean in favor of the Greenback.