The Canadian dollar weakened against a stronger greenback on Tuesday, as oil prices softened, but the currency remained an outperformer against many of its major counterparts.
“It’s holding up rather well is the bottom line, really … all the other major currencies have basically unwound the gains they made after the (U.S.) payrolls report on Friday,” said Adam Cole, global head of FX strategy at RBC Capital Markets in London.
With little economic news on the Canadian calendar until jobs data on Friday, the direction of the U.S. dollar and commodity prices are expected to be the main drivers for the loonie.
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