Canadian Dollar Holds Near Two-Month Highs as Oil Prices Rally

BitcoinWorld Canadian Dollar Holds Near Two-Month Highs as Oil Prices Rally The Canadian dollar is trading near its strongest level in two months against the US dollar, supported by rising crude oil prices and a broadly softer greenback.

As of mid-February 2026, USD/CAD hovers around 1.34, down from over 1.38 in late 2025, reflecting a roughly 3% appreciation of the loonie.

The move underscores the close link between Canada’s commodity exports and its currency, with West Texas Intermediate (WTI) crude climbing above $78 per barrel on supply concerns and improved global demand forecasts. What’s Driving the Loonie’s Strength?

The primary catalyst is the rebound in oil prices, which directly boosts Canada’s terms of trade. As a major oil exporter, Canada benefits from higher crude values, increasing demand for Canadian dollars from foreign buyers of energy.