The Canadian dollar experienced a decline against its US counterpart on Friday, primarily driven by a fall in oil prices. Crude oil, a major export for Canada, saw its price decrease, putting downward pressure on the Canadian currency.

Adding to the loonie’s woes were ongoing concerns regarding global economic growth. Uncertainty in the global market often leads investors to seek safe-haven currencies like the US dollar, further weakening the Canadian dollar.

Analysts suggest that the Canadian dollar’s performance will continue to be closely tied to oil price fluctuations and global economic sentiment. Upcoming economic data releases from both Canada and the United States will be closely monitored by investors seeking clues about future monetary policy and economic direction.

Key Factors Influencing the Canadian Dollar:

• Oil Prices: Fluctuations in oil prices directly impact the Canadian dollar.
• Global Economic Growth: Concerns about global growth drive investors to safe-haven currencies.
• Economic Data Releases: Upcoming data will provide insights into the economic outlook.