USD/CAD extends overnight rejection slide, drops to session lows around mid-1.3400s
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USD/CAD extends overnight rejection slide, drops to session lows around mid-1.3400s

   “¢   The USD held on the defensive despite a goodish rebound in the US bond yields.
   “¢   A modest rebound in Crude Oil prices underpin Loonie and add to the selling bias.
   “¢   Traders now eye Friday’s release of US durable goods orders for a fresh impetus.

The USD/CAD pair came under some renewed selling pressure on Friday and has now eroded a major part of the previous session’s up-move to the key 1.3500 psychological mark.

The pair stalled this week’s goodish rebound from near one-month lows and once again failed to sustain/build on its momentum further beyond the mentioned handle. The recent US Dollar rally to two-year tops faltered on Thursday amid a free fall in the US Treasury bond yields and kept a lid on the pair’s positive momentum.

Despite a goodish bounce in the US bond yields, the greenback held on the defensive through the early European session on Friday. This coupled with a modest rebound in Crude Oil prices further underpinned the commodity-linked currency – Loonie and collaborated to the pair’s mildly offered tone on the last trading day of the week.  

Currently hovering around mid-1.3400s, testing session lows, market participants now look forward to the US economic docket – highlighting the release of durable goods orders, in order to grab some short-term trading opportunities later during the early North-American session.

Technical levels to watch


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