Canadian Dollar Weakens Amid Falling Oil Prices and Fed Anticipation
The Canadian dollar weakened on Monday as oil prices fell sharply and investors awaited a Federal Reserve interest rate decision this week.
Oil, one of Canada's major exports, dropped 7.2% to $82.85 a barrel after the US and Iran paused strikes over the weekend following two weeks of attacks.
According to George Davis, chief technical strategist at RBC Capital Markets, 'prices bounced off of support (in USD-CAD) at 1.4025 last week as well, which is also enticing some USD buyers.'