USD/CAD jumps back closer to 1.2800 mark amid retreating oil prices, stronger USD By HareshMenghani USDCAD Fed RiskAversion Majors Currencies
Retreating oil prices undermined the loonie and extended some support amid stronger USD.The USD/CAD pair
The pair caught fresh bids during the early European session and broke out its intraday consolidation phase, with bulls now looking to build on last week's rebound from the monthly low. Despite the risk of a further escalation in the conflict between Russia and the West over Ukraine, crude oil prices pulled back from a more than seven-year high touched earlier this Monday.
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