The Canadian Dollar (CAD) trades on the back foot against the US Dollar (USD) on Monday, with USD/CAD edging modestly higher following Canada’s October inflation report. At the time of writing, the pair is trading around 1.4040, as a firmer Greenback adds to the downside pressure on the Loonie.
WTI inches higher on Monday, supported by steady risk sentiment and easing supply concerns after Russia’s Novorossiysk hub resumed shipments following last week’s Ukrainian strike.
USD/JPY continued to trade near recent highs. Opposing forces of fiscal concerns, delayed BOJ policy normalisation, risk sentiments and intervention risks should continue to drive the pair. USD/JPY last seen at 154.75 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.