The USD/CAD pair builds on last week's solid bounce from the vicinity of the very important 200-day Simple Moving (SMA) support near the 1.3400 mark a
Retreating Oil prices undermines the Loonie and remains supportive amid a bullish USD.pair builds on last week's solid bounce from the vicinity of the very important 200-day Simple Moving support near the 1.3400 mark and scales higher for the third successive day on Tuesday. Spot prices climb to the highest level since late March during the Asian session, with bulls now awaiting some follow-through strength beyond the 1.3700 round figure before placing fresh bets.
The Canadian Dollar , on the other hand, is weighed down by firming expectations that the Bank of Canada is finished hiking interest rates. Statistics Canada reported on Friday that Canada's economic growth stalled in July as the manufacturing sector posted its biggest decline in more than two years. This comes on top of a 0.2%Oil prices extend the recent retracement slide from over a one-year top and continue losing ground for the fourth straight day, hitting a three-week low.
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