The USD/CAD pair sticks to its modest intraday losses during the early European session on Wednesday and currently trades around the 1.3775-1.3770 region.
USD/CAD drifts lower for the third straight day, albeit lacks follow-through. An uptick in Oil prices underpins the Loonie and exerts pressure on the pair. A goodish pickup in the USD demand to lend some support and limit losses. Spot prices, however, manage to hold above a two-week low touched on Tuesday, warranting some caution before positioning for an extension of this week's sharp retracement slide from the vicinity of mid-1.3900s, or a nearly two-year high.
The aforementioned mixed fundamental backdrop, however, warrants some caution before placing aggressive directional bets in the absence of any relevant market-moving US economic data on Wednesday. Traders might also prefer to wait on the sidelines ahead of the monthly Canadian employment details, due for release on Friday. In the meantime, the USD/Oil price dynamics should produce short-term trading opportunities around the USD/CAD pair.
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