USD/CAD gains ground near 1.3655 in Monday’s Asian session.
The political uncertainty boosts the safe-haven currency, benefitting the US Dollar.
Prospects of more rate cuts by the BoC weigh on the Loonie, but higher crude oil prices might cap the downside.
The USD/CAD pair trades in positive territory for the third consecutive day around 1.3655 during the Asian trading hours on Monday. The uptick of the pair is bolstered by the firmer US Dollar (USD) amid risk-aversion. However, the upside of the pair might be capped due to growing speculation that the US Federal Reserve (Fed) would start cutting the interest rate in September.
The political uncertainty after the report about a failed assassination attempt on US Presidential candidate Donald Trump lifts the USD, a safe-haven currency. On Saturday, former president Donald Trump was shot in the ear during his rally in Butler, Pennsylvania in an assassination attempt. One spectator was killed in the attack, two others were critically injured and Trump was pictured with blood spilling from his ear, per BBC.
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