USD/CAD Still Rises To Near 1.3600 After Paring Gains

USD/CAD continues its winning streak, trading higher for the third consecutive session on Monday, trading higher near 1.3600 during the Asian session on Monday. The U.S. dollar (USD) strengthened on the back of higher U.S. Treasury yields, providing upside support for USD/CAD.

Additionally, falling crude oil prices also weighed on the Canadian dollar (CAD) as Canada is one of the largest exporters of crude oil to the United States. At press time, West Texas Intermediate (WTI) crude oil prices extended losses to around $85.10 a barrel.

This comes after Israel withdrew more troops from southern Gaza, possibly in response to growing international pressure. Separately, peace talks between Israel and Hamas have resumed in Egypt, easing tensions that had fueled the recent surge in oil prices.

The Canadian dollar struggled after Friday’s weak domestic employment data. Investors are currently looking forward to the Bank of Canada’s (BoC) interest rate decision scheduled for Wednesday, with rates expected to remain unchanged at 5.0%.

At press time, the U.S. Dollar Index (DXY) was trading higher around 104.30 on the back of a surprisingly better-than-expected non-farm payrolls report (NFP). The labor market’s strength in March exceeded expectations, adding to bullish sentiment on the dollar.

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