A combination of factors assisted USD/CAD to gain some traction on Tuesday.
A slump in oil prices undermined the loonie and weighed on investors’ sentiment.
The USD benefitted from the prevalent cautious mood and remained supportive.
The USD/CAD pair edged higher on Tuesday and climbed to fresh session tops, around the 1.4065-70 region in the last hour, albeit lacked any strong follow-through.
The pair continued showing some resilience near the key 1.40 psychological mark and managed to regain some positive traction during the Asian session on Tuesday. The uptick was supported by a combination of factors, including a fresh rout in crude oil prices and a goodish pickup in the US dollar demand