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Forex

USDCAD Surges on Oil Price Drop and Strong US Data

Guavy AI Editorial Team
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USD CAD
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The USDCAD exchange rate rose by 0.2352% on August 4, 2026, closing at 1.4061 due to a weaker Canadian dollar and stronger-than-expected economic data in the United States.

A sharp drop in crude oil prices led to the decline of the Canadian dollar, with West Texas Intermediate (WTI) falling by $4.63 to $75.71 per barrel and Brent crude dropping $4.58 to $79.19.

The US dollar gained modest strength, supported by a stronger-than-expected ISM manufacturing PMI, which rose to its highest level since May 2022, signaling sustained industrial activity and business confidence.

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