USD/CAD consolidates the post-NFP gains below 1.3400. CAD bulls look to capitalize on the WTI rally. Dollar dynamics, US stimulus talks will remain of note. USD/CAD extends its side trend into the European session, consolidating Friday’s to just shy of the 1.3400 level. At the press time, the spot trades modestly flat at 1.3390, having found solid bids near the 1.3365 region earlier in the Asian session. The latest leg up in the major can be attributed to the fresh buying interest seen in the US dollar across its main peers, as the sentiment continues to remain underpinned by the upbeat US Non-Farm Payrolls data. Payrolls for July increased by 1.8 million vs. 1.6 million expected. However, the bulls struggle to extend the upside above the 1.3400, as the Canadian dollar continues to find support from the rally in WTI prices. The US oil jumped over 1% to regain $41.50 after Saudi Aramco’s CEO said that oil demand recovery is picking up amid easing lockdowns worldwide. Looking ahead, amid an absence of significant US and Canadian macro data, the focus will remain on the risk trends and US dollar dynamics ahead of the US fiscal stimulus talks. USD/CAD technical levels To the upside, the spot needs to take out 1.3400 (round number), in order to test 20-DMA at 1.3413. On the flip side, 5-DMA at 1.3347 will be the immediate cushion. The next downside target is seen at 1.3300 (round figure). USD/CAD additional 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 EUR/USD: Bears do not bath on the beach in August FX Street 2 years USD/CAD consolidates the post-NFP gains below 1.3400. CAD bulls look to capitalize on the WTI rally. Dollar dynamics, US stimulus talks will remain of note. USD/CAD extends its side trend into the European session, consolidating Friday’s to just shy of the 1.3400 level. At the press time, the spot trades modestly flat at 1.3390, having found solid bids near the 1.3365 region earlier in the Asian session. The latest leg up in the major can be attributed to the fresh buying interest seen in the US dollar across its main peers, as the sentiment continues to remain underpinned by 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.
