A further recovery in Oil prices underpins the Loonie and drags the pair to a multi-week low.pair prolongs its bearish trajectory for the fourth successive day on Monday and dives to over a three-week low, around the 1.3325-1.3320 region heading into the North American session.
In fact, the USD Index , which tracks the Greenback against a basket of currencies, languishes near the monthly low set last week amid growing acceptance for an imminent pause in the Federal Reserve's over a year-long rate-hiking cycle. The Fed Fund futures point to a 90% probability that the US central bank will hold interest rates steady in June.
From a technical perspective, Friday's decisive break and close below the very important 200-day Simple Moving Average marked a fresh breakdown. This, in turn, supports prospects for a further near-term depreciating move.
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