The Canadian dollar slipped against the US dollar for the second consecutive week and posted a 0.70% loss. This pullback contributed to the retreat in oil prices as Canada is a major exporter of West Texas Intermediate crude oil. Meanwhile, The US dollar drew support from the expectations for an aggressive interest rate hike from the Federal Open Market Committee and added over 1% against the basket of major currencies. From a technical perspective, USD/CAD might accelerate towards the next immediate resistance level at 1.3100 level on the back of strong momentum.
