USD/CAD renews two-year lows, risks a break below 1.2900
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USD/CAD renews two-year lows, risks a break below 1.2900

  • USD/CAD sellers return, looks to threaten 1.2900.
  • US dollar rebound fails to rescue the USD/CAD bulls.
  • Bounce in WTI prices weighs further on the spot.

USD/CAD comes under fresh selling pressure and renews two-year lows near 1.2915, having stalled the rebound just below the 1.2950 level.

The major witnessed good two-way businesses so far this Wednesday, closely following the US dollar price action amid a cautious market mood.

USD/CAD’s rebound lost steam in the last hour, as WTI jumped back on the bids above the $44 mark, thanks to the latest Pfizer vaccine approval news from the UK. The fresh bid caught by the US oil offered fresh impetus to the CAD bulls.    

Moreover, the pullback in the US dollar from two-and-a-year lows also seems to have faltered, exerting fresh selling pressure on the major. The US dollar index eased off daily highs of 91.42, trading at 91.34, as of writing.

In the session ahead, the pair will take cues from the US ADP jobs report and sentiment on Wall Street, with fresh updates on the US fiscal stimulus awaited. The weekly US crude stocks data will be also eyed for any oil price action-led impact on the Loonie.

USD/CAD technical levels


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