The USD/CAD pair builds on last week's breakout momentum through the 1.3600-1.3610 supply zone and gains some positive traction for the fifth successive day on Tuesday.
USD/CAD attracts some buyers for the third straight day and climbs to a fresh YTD peak. Reduced Fed rate cut bets, along with geopolitical risks, benefit the USD and lend support. An uptick in Oil prices underpins the Loonie and keeps a lid on further gains for the major. The USD/CAD pair builds on last week's breakout momentum through the 1.3600-1.3610 supply zone and gains some positive traction for the fifth successive day on Tuesday. Spot prices climb to the 1.
Meanwhile, Israel's military chief said that his country would respond to Iran's weekend missile and drone attack, raising the risk of a further escalation of conflicts in the Middle East. This assists Crude Oil prices to build on the overnight bounce from a two-week low, which could underpin the commodity-linked Loonie and cap the major. Market participants now look to the release of the Canadian consumer inflation figures, due later during the early North American session.
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