It’s a relatively busy day ahead. Economic data from the U.S, COVID-19 updates, and U.S politics are the key drivers on the day.
USD/CAD gained strong upside momentum and managed to get above 1.3200.
The Canadian dollar weakened by the most in nearly five weeks against its U.S. counterpart on Monday, as investors grew more worried about the outlook for the global economy and eyed a Bank of Canada interest rate decision this week. "The loonie has suffered from the deterioration in the global economic outlook today," said Simon Harvey, FX market analyst for Monex Europe and Monex Canada. "With Canada's second wave aligning with that in Europe and the loonie's price action linked with oil market dynamics, the loonie hasn't found any shelter in today's risk-off selling," Harvey said.