USDCAD SELL CONFIRM

The USD/CAD pair attracts some dip-buying on the first day of a new week, albeit lacks follow-through and remains below its highest level since December 13 touched last week. The initial market reaction to the OPEC+ agreement to extend voluntary oil output cuts to the end of the second quarter turns out to be short-lived amid global economic concerns and rising output outside the group. This prompts some intraday selling around Crude Oil prices, which is seen undermining the commodity-linked Loonie and acting as a tailwind for the currency pair.