The Canadian Dollar (CAD) is comfortably splashing around in the shallow end on Monday, trading within a quarter of one percent across the board as markets kick off the new trading week on a notably tepid note. USD/CAD briefly found an intraday high above 1.3760 before pulling back into a familiar midrange near 1.3740.

Intraday price action remains mired on the low side of a heavy supply zone above 1.3760, but long-term momentum still leans into the bullish side as the pair holds north of the 50-day Exponential Moving Average (EMA) at 1.3673. USD/CAD has been grinding higher on a rising trendline, climbing from December’s swing low below 1.3200, but the pair has failed to etch in a fresh high since peaking at 1.3846 in mid-April.