USD/CAD kicks off the week with its third consecutive day of gains on Monday, inching higher to near 1.3540 during the Asian trading session.
USD/CAD appreciates to continue its winning streak on Monday. US Dollar could gain ground on expectations of the Fed maintaining higher interest rates to combat inflation. The higher WTI price could limit the losses of the Canadian Dollar. The US Dollar could be bolstered by expectations that the Federal Reserve will uphold its narrative of maintaining higher interest rates to combat inflation, which could further mitigate significant downside for the USD/CAD pair.
90 per barrel, by the press time. The positive momentum in Crude oil prices is driven by concerns over supply disruptions due to heightened geopolitical risks. Traders are likely anticipating the release of the Canadian Consumer Price Index data scheduled for Tuesday. Expectations suggest that the year-over-year consumer price will show an increase in February. A higher reading in the CPI could contribute a bullish sentiment for the Loonie Dollar .
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