The USD/CAD pair extends its recent pullback from the 1.3610-1.3615 supply zone, or the YTD peak and remains under some selling pressure for the sixth successive day on Monday.
USD/CAD drops to over a one-week low and is pressured by a combination of factors. Bullish Oil prices underpin the Loonie and weigh on the pair amid a softer Greenback. The US PCE Price Index keeps the June Fed rate cut on the table and weighs on the buck. The downfall, however, stalls ahead of the 1.3500 psychological mark, allowing spot prices to recover a few pips from over a one-week low touched during the Asian session.
The US Dollar , on the other hand, struggles to lure buyers amid expectations that the Federal Reserve will begin its rate-cutting cycle in June, bolstered by the lack of any big surprises from the US Personal Consumption Expenditures Price Index on Friday. This, along with the prevalent risk-on environment, is seen weighing on the safe-haven buck and contributing to the offered tone surrounding the USD/CAD pair.
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