USD/CAD remains supported above 1.2600 amid risk-on mood. WTI-price weakness and subdued USD keeps the range play intact. Further upside remains at the mercy of the US data, Powell’s speech. USD/CAD is trading on the front foot above 1.2600, consolidating the two-day uptrend to five-day highs of 1.2634. The pause in the USD/CAD advance could be attributed to the subdued trading seen in the US dollar against its main peers so far this Thursday. The greenback has preserved the American rebound, although lacks follow-through bias ahead of the Fed Chair Jerome Powell’s speech at the IMF Spring event later today. Meanwhile, the bearish sentiment around WTI prices weighs on the resource-linked Canadian dollar, in turn, supporting the upside in the spot. Oil prices remain undermined by a hefty build in the US gasoline inventories while mixed Asian equities also add to the weight on the higher-yielding oil. On Wednesday, dovish FOMC minutes, uncertainty over President Joe Biden’s huge infrastructure bill and rising Treasury yields spooked investors, as they scurried for safety in the US currency. This Thursday, markets look forward to the US weekly jobless claims and Powell’s appearance for fresh near-term trading opportunities. 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 Peter Thiel warns Bitcoin could be Chinese financial weapon to undermine the US dollar FX Street 2 years USD/CAD remains supported above 1.2600 amid risk-on mood. WTI-price weakness and subdued USD keeps the range play intact. Further upside remains at the mercy of the US data, Powell's speech. USD/CAD is trading on the front foot above 1.2600, consolidating the two-day uptrend to five-day highs of 1.2634. The pause in the USD/CAD advance could be attributed to the subdued trading seen in the US dollar against its main peers so far this Thursday. The greenback has preserved the American rebound, although lacks follow-through bias ahead of the Fed Chair Jerome Powell's speech at the IMF Spring event later today.… 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.
