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Forex

USD/CAD Consolidates Near Mid-1.3800s Amid Oil Price Strength

Guavy AI Editorial Team
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USD CAD
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The USD/CAD pair is experiencing a sideways consolidative price move in early European session on Monday, trading just below mid-1.3800s.

Crude oil prices are firm near the highest level since July 24 due to escalating US-Iran confrontation in the Strait of Hormuz, offsetting Friday's dismal Canadian employment details and supporting the commodity-linked Loonie.

A modest US Dollar downtick is another factor acting as a headwind for the USD/CAD pair, but the supporting fundamental backdrop helps limit the downside amid relatively thin liquidity on the back of a holiday in the US and Canada.

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