Forex
Canadian Dollar Slumps on Oil Price Decline
The Canadian dollar has underperformed its major currency peers on Friday due to selling pressure in oil prices, which have retreated sharply after reaching a four-month high.
According to FXStreet, the North American currency is facing downward momentum as oil prices decline. The US Dollar/CAD pair is trading 0.1% higher near 1.3846, extending its winning streak for the third consecutive day.
The WTI Oil price has dropped nearly 4% to around $96.50 after experiencing selling pressure above $100. This sharp correction in oil prices is affecting currencies from energy-exporting economies like Canada.