Canadian Dollar Falls as Softer Inflation Data Boosts USD/CAD
USD/CAD climbed to near 1.4060 on Monday, recovering from below 1.4000, as softer-than-expected Canadian inflation data pressured the Loonie. The US Dollar Index also edged up around 0.2% to near 101.00, adding support to the pair.
USDCAD
The Canadian Dollar weakened on Monday following softer-than-expected domestic inflation figures, pushing USD/CAD higher to around 1.4060. The pair recovered from below the 1.4000 level as the Loonie lost ground.
Meanwhile, the US Dollar Index (DXY) gained approximately 0.2%, trading near 101.00, providing additional support to the USD/CAD pair. The combination of weaker Canadian inflation and a firmer greenback sustained the upward move in the exchange rate.
Source: FXStreet Forex News