Investing.com - The U.S. dollar trimmed losses against its Canadian counterpart on Monday, as a decline in oil prices dampened demand for the commodity-related Canadian currency, although the greenback remained under borad selling pressure.
USD/CAD was down 0.26% at 1.2428 by 09:30 a.m. ET (13:30 GMT), off a session low of 1.2406.
A slight decline in oil prices weighed on the Canadian dollar on Monday, although losses for the commodity were expected to be limited.
The U.S. dollar shrugged off data on Friday showing that underlying U.S. consumer prices recorded their largest increase in 11 months in December, adding to expectations that inflation will accelerate this year.
The greenback was also pressured lower by the euro's broad gains, after Thursday’s minutes of the European Central Bank’s December meeting said officials could consider a gradual shift in policy guidance from early 2018.
The loonie was lower against the euro, with EUR/CAD up 0.37% at 1.5257.