USDCAD rose on Monday in the face of fluctuating oil prices and a strengthening U.S dollar following U.S manufacturing data. The Canadian dollar received support from the crude price in early trading but tumbled later as oil pulled back. U.S light, sweet crude WTI fell to as low as $47.87 per barrel after surging as high as $48.85 per barrel.
On the contrary, the greenback gained on the back of a better-than-expected manufacturing report. The Institute for Supply Management (ISM) said on Monday that its index of national factory activity swung back to expansion territory after surprisingly falling below 50 in August. The index rose to 51.5 in September from 49.4 the prior month, beating analyst expectations of a reading of 50.4.
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