Investing.com - The U.S. dollar edged higher against its Canadian counterpart on Monday, as declining oil prices dampened demand for the commodity-related Canadian currency, although U.S. political concerns limited the greenback's gains.
USD/CAD was up 0.13% at 1.2778 by 09:30 a.m. ET (13:30 GMT).
The Canadian dollar was pressure by a decline in oil prices on Monday, as rising U.S. production continued to weigh.
In the U.S., the House of Representatives on Thursday passed a bill that would lower corporate taxes and cut individual taxes for most households in 2018, in a step towards the biggest U.S. tax code overhaul since the 1980s.
But the legislation may face a tougher fight in the Senate amid resistance within Republican ranks. Senate lawmakers are expected to vote on their version of the bill after this week’s Thanksgiving holiday.
Markets were also jittery due to an ongoing investigation into potential Russian interference in the 2016 Presidential election.
The loonie was steady against the euro, with EUR/CAD at 1.5041.