USD/CAD remained confined in a range and consolidated the overnight strong positive move. A subdued USD price action held bulls from placing fresh bets ahead of Powell’s testimony. A softer tone surrounding oil prices undermined the loonie and helped limit the downside. The USD/CAD pair was seen oscillating in a range above the 1.3300 mark through the Asian session and consolidated the previous day’s strong positive move to six-week tops. Rising odds of fresh lockdown measures to curb the second wave of coronavirus outbreak triggered a selloff in the global equity markets. The anti-risk flow provided a strong boost to the US dollar’s status as the reserve currency. Apart from this, a steep fall in crude oil prices undermined the commodity-linked currency – the loonie – and further contributed to the USD/CAD pair’s momentum on the first day of a new trading week. However, expectations that the Fed Chair Jerome Powell will reiterate to keep interest rates lower for longer during his congressional testimony later held the USD bulls from placing fresh bets. This, in turn, led to a subdued/range-bound price action through the first half of the trading action on Tuesday. Meanwhile, a softer tone surrounding crude oil prices continued lending some support to the USD/CAD pair and helped limit the downside. Market participants now look forward to the US economic docket, featuring the releases of Existing Home Sales and Richmond Manufacturing Index. The data might influence the USD price dynamics and produce some short-term trading opportunities during the early North American session. The key focus, however, will be on Powell’s testimony, which will play a key role in driving the near-term sentiment surrounding the greenback. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Crude Oil Futures: Further decline looks shallow FX Street 2 years USD/CAD remained confined in a range and consolidated the overnight strong positive move. A subdued USD price action held bulls from placing fresh bets ahead of Powell’s testimony. A softer tone surrounding oil prices undermined the loonie and helped limit the downside. The USD/CAD pair was seen oscillating in a range above the 1.3300 mark through the Asian session and consolidated the previous day's strong positive move to six-week tops. Rising odds of fresh lockdown measures to curb the second wave of coronavirus outbreak triggered a selloff in the global equity markets. The anti-risk flow provided a strong boost to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.