The Canadian dollar is being pressured due to declining oil prices following consecutive increases. Additionally, there is growing concern about supply disruptions as OPEC has extended its oil production cuts until the end of June.

Moreover, concerns about supply disruptions have increased due to Ukraine's drone attacks on oil refineries in Russia. This may lead Canada to once again become a major exporter of oil to the United States.

The US dollar has strengthened slightly as there will be announcements regarding the US Non-Farm Payrolls (NFP) and labor market data this week. Additionally, investors are expecting the Purchasing Managers' Index (PMI) for the manufacturing sector to increase to 48.4 from 47.8 in February.