• USD/CAD drifts lower for the third straight day, albeit lacks follow-through.
• An uptick in Oil prices underpins the Loonie and exerts pressure on the pair.
• A goodish pickup in the USD demand to lend some support and limit losses.

The USD/CAD pair sticks to its modest intraday losses during the early European session on Wednesday and currently trades around the 1.3775-1.3770 region. Spot prices, however, manage to hold above a two-week low touched on Tuesday, warranting some caution before positioning for an extension of this week's sharp retracement slide from the vicinity of mid-1.3900s, or a nearly two-year high. 

Crude Oil prices gain some positive traction and for now, seem to have snapped a four-day losing streak to the lowest level since early February. This, in turn, is seen underpinning the commodity-linked Loonie and exerting some downward pressure on the USD/CAD pair for the third straight day. That said, concerns about an economic downturn in the US and China – the world's two largest economies – act as a headwind for the black liquid.