USD Stalls at 1.4050 Against CAD Amid Triangle Pattern Formation

The US Dollar (USD) has stalled at the 1.4050 area against the Canadian Dollar (CAD), leaving its rebound from last week's lows at 1.3990 unresolved.

Last week, the USD suffered a beating after the Federal Reserve (Fed) left interest rates on hold and failed to convince markets about its commitment to fighting inflation.

This lack of conviction led investors to cut back bets on near-term Fed interest rate hikes, causing the USD to lose ground against its main peers in the second half of the week.

Hopes of a new round of peace talks between the US and Iran have sent Oil prices tumbling, putting pressure on the CAD as Crude Oil is Canada's main export.