The USDCAD pair came under some fresh selling pressure at the start of a new week after price fell from 1.35 towards the end of last week before withdrawing further in early trading. The drop for the most part originates from a more floated the CAD after indications that OPEC+ would presumably choose to maintain production cuts next month.
Oil is up by around 1.3% on the day with Brent now up by 1.2%. And, that is supporting the CAD as we begin the session.
USDCAD currently holds close towards minor support around 1.3432 however outstanding near term support is seen nearer around 1.3400-09 nearby some light offers at the figure level. In the course of recent weeks, it has been an instance of bouncing somewhere in the range of 1.34-1.35 for the pair as traders keep on doing fight around the key hourly MA.
For the time being, sellers are setting up an increasingly near term bias however unless price manages a significant break underneath the 1.34 handle, the ping pong price activity is expected to proceed.