Canadian Dollar remains on the front foot vs soft USD; lacks bullish conviction
The USD/CAD pair pulls back from an over two-week high, around the 1.3910-1.3915 region, earlier this Monday, stalling the recent goodish recovery from a three-month low. Spot prices, however, lack follow-through selling and trade just below the 1.3900 mark during the early European session.
The USD/CAD currency pair is currently trading near the 1.3900 mark, after a brief dip from a two-week high of 1.3910-1.3915 on Monday. This decline stalls the recent recovery from a three-month low. However, the pair remains buoyed by the escalation of tensions between the US and Iran, which has led to an increase in crude oil prices.
Meanwhile, the US Dollar (USD) is experiencing some selling pressure, which is contributing to the downward movement of the USD/CAD pair. Despite the recent gains, market participants are cautious and may wait for further developments, such as the Bank of Canada's (BoC) rate decision on Wednesday and the US and Canada's monthly jobs report on Friday, before making aggressive bearish bets on the USD/CAD pair.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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