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USD/CAD climbs back to mid-1.4200s, amid low oil prices.

The USD/CAD pair edged higher through the early European session and has now moved back closer to multi-year tops, around mid-1.4200s.


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Following the previous day's intraday pullback, the pair managed to regain traction on Wednesday. The uptick was supported by an offered tone surrounding the commodity-linked currency – the loonie amid a fresh leg down in crude oil prices.

The bearish pressure in the oil market remained intact amid growing concerns over the economic fallout from the coronavirus pandemic. This coupled with possibilities of a global supply glut dragged the black gold to its lowest level in almost 17 years.

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