The Canadian dollar fell to one-week lows against its U.S. counterpart on Tuesday, as prices for oil, a major Canadian export fell amid ongoing concerns about global oversupply.
USD/CAD was up 0.38% to 1.3368 by 09.24 ET, the highest level since April 10.
The loonie was pressured lower as oil prices fell amid concerns that a rebound in U.S. production is threatening to derail efforts by other major producers to reduce a global supply glut and rebalance the market.
In Canada, data on Tuesday showed that foreign investment in Canadian securities rose to a record high in February, boosted by cross-border acquisitions and mergers.
Foreign investment in Canadian securities hit a record high of C$38.84 billion ($29.20 billion) Statistics Canada said.
Canadians bought C$6.33 billion in foreign securities in February, purchasing C$4.85 billion in stocks, C$795 million in bonds and C$691 million in money market paper.
In the U.S., the Commerce Department reported that housing starts fell in March, likely due to bad weather, while building permits rose.