The Canadian dollar rose against its U.S. counterpart Tuesday, buoyed by rising oil prices. The loonie’s performance is often closely linked to the price of crude oil, one of Canada’s major exports.

West Texas Intermediate crude futures climbed, providing a tailwind for the Canadian currency. A weaker U.S. dollar also contributed to the loonie’s strength.

Positive Canadian economic data released earlier in the day further supported the currency. Investors are also anticipating upcoming interest rate decisions from the Bank of Canada.

Analysts suggest that continued strength in commodity prices and positive economic indicators could lead to further gains for the Canadian dollar in the near term.