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It's a light and easy start to the new week so far with small changes observed among major currencies, as the yen and dollar are mildly on the softer side.

There's still a bit of push and pull taking place among yen pairs but it has been evident that the upside momentum has slowed since the end of trading last week.

After the strong gains over the past couple of weeks, there might be scope for a pause as the market sorts itself out before we gear towards the FOMC meeting next week.

Oil prices are still looking good and it is tough to find reasons to go against that besides a pullback on overstretched longs. But even so, dip buyers have proved to be resilient in the past few weeks so there's that.

In any case, that is likely to help provide some support for the loonie as we could enter a bit of a push and pull in trading this week with central bank focus returning.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.