20.07 - USD/CAD bulls fail to take-out 1.3600
- by George Solotarov
USD/CAD fizzles upside momentum ahead of the European session on Monday. In doing so, the loonie pair drops from a three-day high of 1.3600 to 1.3585 by the press time. However, the bulls remain hopeful amid broad risk-off mood backed by the coronavirus (COVID-19) headlines and uncertainty surrounding major stimulus plans from the key economies.
With the latest surge in the US pandemic numbers past-3.7 million, the global count crossed 14.00 million, per Reuters’ tally. While policymakers in the US continue to defy calls of another lockdown, Financial Times cite fears of the double-dip recession in the world’s largest economy. Also weighing on the risk-tone sentiment could be the piece by Axios suggesting that the US Senate leader Mitch McConnell may disappoint markets with a $1 trillion stimulus package versus forecasts of $3 trillion.