• USD/CAD drifts lower on Monday and is weighed down by a combination of factors.
• Bullish Oil prices underpin the Loonie and exert pressure amid fresh USD selling.
• The downside seems cushioned ahead of this week’s key central bank event risks.

The USD/CAD pair attracts some sellers near the 1.3520 region on Monday and snaps a four-day winning streak. The pair is currently placed just below the 1.3500 psychological mark, down nearly 0.10% for the day, and is pressured by a combination of factors.

Crude Oil prices hold steady near a multi-month top touched last week in reaction to a new round of production cuts announced by the OPEC , which, to a larger extent, overshadows concerns that weakening global growth may dent fuel demand. This, in turn, is seen underpinning the commodity-linked Loonie and exerting some downward pressure on the USD/CAD pair amid the emergence of some intraday selling around the US Dollar (USD).