The USD/CAD pair discovers a temporary support near the psychological support of 1.3500 in the European session on Monday.
USD/CAD finds cushion near 1.3500 as Oil prices drop on tighter supply concerns. The US Dollar moves higher while risk-sensitive currencies edge down amid uncertainty ahead of US data. The Loonie is expected to blow out of the ascending Triangle formation. The Loonie asset finds cushion as the Oil prices edge down after a three-day rally. The appeal for the Oil prices remains buoyant on tighter supply concerns.
pledges to extend production cuts by the June end. Also, Ukraine’s drone attacks on some Russian refineries have deepened supply concerns. It is worth noting that Canada is the leading exporter of oil to the United States and higher Oil prices strengthen the Canadian Dollar. Meanwhile, the US Dollar rises slightly to 104.58 amid caution ahead of the United States Nonfarm Payrolls and related labor market data this week.
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