USD/CAD drifts lower on Monday and is weighed down by a combination of factors.
Bullish Oil prices underpin the Loonie and exert pressure amid fresh USD selling.
The downside seems cushioned ahead of this week’s key central bank event risks.
The USD/CAD pair attracts some sellers near the 1.3520 region on Monday and snaps a four-day winning streak. The pair is currently placed just below the 1.3500 psychological mark, down nearly 0.10% for the day, and is pressured by a combination of factors.
Crude Oil prices hold steady near a multi-month top touched last week in reaction to a new round of production cuts announced by the OPEC , which, to a larger extent, overshadows concerns that weakening global growth may dent fuel demand. This, in turn, is seen underpinning the commodity-linked Loonie and exerting some downward pressure on the USD/CAD pair amid the emergence of some intraday selling around the US Dollar (USD).
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