USD/CAD holds the lower ground, with 1.2600 at risk once again. BOC revised up its economic forecasts, WTI retests the $65 mark. Focus on US weekly jobless claims, BOC Schembri’s and President Biden’s speech. The buying interest around the Canadian dollar remains intact, keeping USD/CAD on the defensive around the 1.2600 level, as the focus shifts towards the US weekly jobless claims and President Joe Biden’s speech for further impetus. USD/CAD extends its downward spiral into a fifth day on Thursday, mainly undermined by the recent surge in WTI prices and the Bank of Canada’s (BOC) upbeat outlook on the economy. The BOC maintained the interest rates at a record low of 0.25% while keeping the current pace its bond-buying on Wednesday. However, on the economy, the central bank said, “GDP growth in the first quarter of 2021 is now expected to be positive, rather than the contraction forecast in January.” Meanwhile, oil prices continue to benefit from expectations of faster global economic growth, driven by massive stimulus and successful vaccine campaigns. Also, a drawdown in the US crude stockpiles aided the rally in the WTI barrel. Note Canada is heavily dependent on oil exports for its revenues and therefore, a surge in oil prices renders supportive for the Loonie. On the US dollar-side of the story, the retreat in the US Treasury yields and therefore, the greenback continues to exert the downward pressure on the spot. The retracement in the US rates from yearly highs could be attributed to the fears about the overheating of the economy. Softening price pressure in the US also added to the weight on the dollar alongside the yields. USD/CAD: Technical levels 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 NZD/USD to run up amid near-term volatility – ANZ FX Street 1 year USD/CAD holds the lower ground, with 1.2600 at risk once again. BOC revised up its economic forecasts, WTI retests the $65 mark. Focus on US weekly jobless claims, BOC Schembri's and President Biden's speech. The buying interest around the Canadian dollar remains intact, keeping USD/CAD on the defensive around the 1.2600 level, as the focus shifts towards the US weekly jobless claims and President Joe Biden's speech for further impetus. USD/CAD extends its downward spiral into a fifth day on Thursday, mainly undermined by the recent surge in WTI prices and the Bank of Canada's (BOC) upbeat outlook on the… 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.