The Canadian dollar pares some losses against the USD near 1.3800, pressured by oil price declines and Iran deal optimism.
The USD/CAD pair retreated early Monday, trimming Friday’s surge to 1.3825, the highest level since April 13. The Canadian dollar found modest support despite a lack of strong follow-through selling, stabilizing around 1.3800.
Friday’s rally had pushed the pair to multi-week highs, driven by broader USD strength and weaker commodity prices. Oil’s recent slump, amid hopes for an Iran nuclear deal, has weighed on the commodity-linked CAD.
Markets now await further cues, with the pair consolidating near key technical levels.