USDCAD is trading close to 1.3330 now. The USDCAD pair went under some selling weight at the start of a new trading week, with bears now peering toward a sustained break beneath the 1.33 handle.
The pair neglected to profit by the early Asian uptick to an intraday high level @ 1.3347 and has dropped back closer to 2-week lows in the midst of some recharged USD selling inclination, notwithstanding a modest uptick in the US Treasury bond yields.
In the mean time, a somewhat negative tone surrounding oil prices, which will in general undermine demand for the CAD, likewise did little to provide any support or restrain the ongoing slide back nearer to a week ago’s lows.
The current week’s key event risk – the latest FOMC monetary policy update on Wednesday