“¢ 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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