The USD/CAD pair comes under some selling pressure on the first day of a new week and erodes a part of Friday's strong move up to the 1.3785 region, or its highest level since November 14.
USD/CAD retreats from the YTD peak, albeit the downside remains cushioned. Reduced Fed rate cut bets continue to act as a tailwind for the USD and the pair. Softer Crude Oil prices could undermine the Loonie and help limit the downside. The USD/CAD pair comes under some selling pressure on the first day of a new week and erodes a part of Friday's strong move up to the 1.3785 region, or its highest level since November 14. Spot prices currently trade around the 1.3760-1.
Meanwhile, Crude Oil prices struggle to lure buyers despite Iran's attack on Israel over the weekend, which raised the risk of a broader region conflict and could affect Oil supply from the Middle East. This, in turn, could undermine the commodity-linked Loonie and contribute to limiting the downside for the USD/CAD pair.
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