USD/CAD drifts lower to 1.3520 on the softer US Dollar on Thursday. The US March ISM Services PMI came in weaker than expected, easing to 51.4 from 52.6 in February. Higher crude oil prices amid the fear of oil supply disruptions lift the commodity-linked Loonie. The rise of crude oil prices to their highest levels since October boost the commodity-linked Loonie. Additionally, the weaker-than-expected US ISM Services PMI data for March weighs on the Greenback and drags the USD/CAD pair lower.
Powell further stated that the FOMC policymakers see it as appropriate to begin cutting the policy rate, If the economy evolves as the Fed expects. These dovish comments exert further selling pressure on the USD and create a headwind for the USD/CAD pair. On the Loonie front, the geopolitical tensions in the Middle East raise the fear of oil supply disruptions and boost the Canadian Dollar .
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