USD/CAD drops below 1.3000 on a soft US Dollar
- The Loonie begins the week on the right foot, up by 0.23%, as shown by the USD/CAD falling.
- An upbeat sentiment boosted the Canadian dollar while the buck weakened.
- USD/CAD Price Forecast: In consolidation, but it’s showing the formation of negative divergence in the daily/4-H chart, opening the door for further losses.
The Loonie gained some ground against the greenback as shown by the USD/CAD pair, retracing from fresh YTD highs at around 1.3076, towards the 1.2990s area, amidst a thin liquidity trading session, courtesy of a bank holiday in the US. At the time of writing, the USD/CAD is trading at 1.2996, down 0.23%.
Sentiment-wise, European bourses closed in the green. Meanwhile, US futures witnessed a shorter trading session, finishing with decent gains between 0.97% and 1.29%. That said, the USD/CAD fell on a risk-on impulse, a headwind for the safe-haven status of the greenback, which remains…
