After touching its weakest intraday level in over two weeks on Friday at just under 1.299, driven by stronger US and weaker Canadian employment numbers, the Canadian dollar rallied to regain most of its losses against the USD dollar on Monday and is currently sitting at 1.287 ( or CAD/USD 0.7771).
The Canadian dollar gained strength on Monday after US crude oil futures gained about 2%, recovering from a six-month low on Friday. The Loonie also benefited from broad US dollar weakness as investors begin to fret about Wednesday’s inflation data and its impact on the Federal Reserve’s next interest rate announcement.
