USD/CAD pair continued upside momentum on Monday. US Treasury yields are rising amid upbeat US NFP data on Friday. Crude oil sees a 2% fall amid growing coronavirus concerns and potentially falling demand. As the European session begins, the USD/CAD price is still rising from the prior session. The pair is in a very narrow trading band with a neutral position. As of writing, USD/CAD trades at 1.2550, up 0.04% from yesterday. –Are you interested to learn more about automated forex trading? Check our detailed guide- The yields on US Treasury bonds rose after the Labor Department’s employment report exceeded expectations. According to the Bureau of Labor Statistics (BLS), the number of non-farm jobs increased by 943k in July, far surpassing the market’s forecast of 870k. In July, the number of employees increased, reflecting improved labor market conditions, allaying concerns about the spread of the COVID-19 Delta variant. Get FREE Forex Signals Now! However, the currency weakened after the Ivey Purchasing Managers Index (PMI) dropped from 71.9 to 56.4 in July from a month ago. On Monday, a rally in the dollar and concerns over demand prospects, combined with renewed fears about the Coronavirus, sent oil prices down about 2%. The new incentive to trade is awaiting the start date for housing construction in Canada and opening jobs in the United States. –Are you interested to learn more about forex signals? Check our detailed guide- USD/CAD technical analysis: Bulls hold but inactive The USD/CAD pair is consolidating the gains after rising briefly beyond the mid-1.2500 area. The price is still above the 20-period and 50-period SMAs on the 4-hour chart. However, the price seems to lack traction to continue the bullish momentum. The price has done 46% average daily range so far, which shows more room to gain is still there. But the market needs a catalyst to activate the bulls. The key is to remain above the 20-period SMA. USD/CAD 4-hour price chart analysis Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Gold Price Forecast: US job data push XAU/USD to $1,676 – What’s Next? Ali B. 1 year USD/CAD pair continued upside momentum on Monday. US Treasury yields are rising amid upbeat US NFP data on Friday. Crude oil sees a 2% fall amid growing coronavirus concerns and potentially falling demand. As the European session begins, the USD/CAD price is still rising from the prior session. The pair is in a very narrow trading band with a neutral position. As of writing, USD/CAD trades at 1.2550, up 0.04% from yesterday. –Are you interested to learn more about automated forex trading? Check our detailed guide- The yields on US Treasury bonds rose after the Labor Department's employment report exceeded expectations.… 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.