• USD/CAD remains pressured around intraday low after snapping four-day uptrend on opening.
• China-Taiwan tension adds strength to the geopolitical fears and allow Oil price to remain firmer.
• BoC is likely to stand pat but concerns for future moves, mixed feelings for Fed prod Loonie pair buyers.
• US CPI, BoC Governor Macklem’s speech will also be important for clear directions.

USD/CAD holds lower ground near 1.3500, snapping a four-day winning streak, as traders brace for the key data/events amid the Easter Monday holidays in major bourses. That said, the Loonie pair’s latest weakness could be linked to the firmer price of Canada’s main export item, namely WTI crude oil. However, the dovish bias from the Bank of Canada (BoC), versus recently spiked hawkish Fed bets, challenge the pair sellers.

WTI crude oil prices print 0.61% intraday gains near $81.00, after rising in the last three consecutive weeks. The black gold’s latest gains could be linked to the geopolitical concerns surrounding China and Taiwan. Also fueling the energy benchmark is the OPEC supply cut and the softer US Dollar.

That said, the US Dollar Index (DXY) dropped in the last three weeks in a row, pressured around 102.00 at the latest.

The fears of higher Fed rates versus no action from the Bank of Canada (BoC) gained momentum after the upbeat US Jobs report, versus no major positives from the Canadian jobs report for March.