15.02 - A combination of factors prompted some selling around USD/CAD
The USD/CAD pair remained depressed through the European session and was last seen trading around the 1.2670 region, just above multi-week lows. The pair edged lower on the first day of a new trading week and extended Friday's intraday fall of around 85-90 pips from the 1.2765 area. The downtick was sponsored by a combination of factors, though lacked any strong follow-through, and the USD/CAD pair, so far, has managed to hold above multi-week lows support around the 1.2660 region.
The progress in the coronavirus vaccinations and hopes for a massive US fiscal stimulus plan has been fueling the optimism about a strong global economic recovery. This, in turn, remained supportive of the underlying bullish sentiment – as depicted by the continuation of a rally in the equity markets – and dented the US dollar's safe-haven status.
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