USD/CAD managed to settle above the 50 EMA and gained strong upside momentum.
A quiet day on the economic calendar leaves COVID-19 news and geopolitics in focus. Brexit and any chatter from Beijing and Capitol Hill will need monitoring.
The Canadian dollar fell to a near six-week low against its broadly stronger U.S. counterpart on Monday, as oil prices declined more than 4% and rising coronavirus infections weighed on investor sentiment. "The USD has caught a risk-off, safe-haven bid due to the turbulence in the equity markets," said Tony Valente, a senior FX dealer at AscendantFX.