Canadian Dollar pulls back from two-month top as rebounding USD counters higher oil prices
The USD/CAD pair attracts some dip-buyers at the start of a new week and recovers a part of Friday's heavy losses to the 1.3925 area, or a nearly two-month low.
Canadian Dollar slipped from its two-month high as the US Dollar surged, aided by rising oil prices and geopolitical tensions. The USD/CAD pair, which reached a nearly two-month low around 1.3925, recovered slightly to the mid-1.3900s. Geopolitical risks and expectations of a US Federal Reserve rate hike contributed to the Greenback's strength.
The Canadian Dollar's performance was also influenced by domestic economic data, particularly a positive jobs report, which could dampen bullish sentiment. Traders are advised to await further confirmation of the pullback from the mid-1.4200s high reached in June before considering further upside.
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