Currency – The USD/CAD is progressing on the drop in the price of oil

© Reuters. The USD/CAD is progressing on the drop in the price of oil

The u.s. dollar is advancing against its canadian counterpart on Monday, as the drop in oil prices reduces the demand for the canadian currency, although the concern of policy limit the progression of the greenback.

The USD/CAD is advancing 0.13% to 1.2778 at 09:30 a. m. AND (13:30 GMT).

The canadian dollar is under pressure after the drop in oil on Monday, while u.s. production is progressing.

Last week, the House voted to adopt a tax law which would reduce the corporate tax and reduce the income tax of the individual for the most households by 2018, as part of the largest overhaul of the tax code of the united states since the 1980s.

But the legislation may face a fight harder in the Senate in the middle of the resistance within the ranks of republicans. Lawmakers from the Senate should vote on their version of the bill after the Thanksgiving holiday this week.

The markets are also agitated due to an ongoing investigation on the potential interference of Russia in the presidential election of 2016.

The loonie was steady against the euro with EUR/CAD at 1.5041.

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