Canadian Dollar Retreats from Two-Month High as USD Rebounds
The Canadian dollar pulled back from a near two-month top as a rebounding U.S. dollar offset support from firmer oil prices. Dip-buying emerged in USD/CAD, lifting it from the 1.3925 area.
USDCAD
The USD/CAD pair attracted dip-buyers at the start of the week, recovering a portion of Friday’s sharp decline that had taken it to the 1.3925 zone—its lowest in nearly two months.
The rebound in the greenback was the main driver, outweighing the tailwind from higher crude oil prices, which typically support the commodity-linked Canadian dollar.
As the U.S. dollar strengthened, USD/CAD moved away from the two-month trough, signaling a pause in the loonie’s recent advance.
Source: FXStreet Forex News