USD/CAD steadies around 1.4500 after fresh highs

By FXStreet FXStreet (Córdoba) – USD/CAD moved even higher on Monday and struck a fresh 13-year peak above 1.4600 before pulling back.

USD/CAD rose briefly above 1.4600 and peaked at 1.4604 before turning south and correcting lower. The pair slid to a daily low of 1.4485, and it has spent the last hours oscillating around the 1.45 mark. At time of writing, the pair is trading at 1.4494, now 0.19% below its Friday’s close.

However, the pair has continued to hit higher highs, with next upside target now seen at 1.4624 (Apr 24 2003 high).

Loonie weighed by oil prices and expectations of a rate cut

On Wednesday, the Bank of Canada will decide on monetary policy and expectations surrounding a rate cut continue to grow, given the effects on the economy of the renewed push lower in oil prices. WTI struck fresh cycle lows at $28.36 a barrel earlier on the day.
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Source:: FX Street