USD/CAD extended its directionless price move for the second straight session on Thursday. Bullish oil prices underpinned the loonie and kept a lid on any meaningful upside for the pair. The USD found some support amid rallying US bond yields, which helped limit the downside. The USD/CAD pair struggled for a firm direction and remained confined in a narrow trading band, below the 1.2700 mark through the early European session. A combination of diverging forces failed to provide any meaningful impetus to the major, instead led to subdued/range-bound price action for the second consecutive session on Thursday. The prevalent bullish sentiment surrounding crude oil prices underpinned the commodity-linked loonie and capped the upside for the USD/CAD pair. Oil prices rose to the highest level since February last year on Thursday and remained well supported by Saudi Arabia’s unilateral decision to cut output over the next two months. The commodity got an additional boost after the Energy Information Administration on Wednesday reported a larger-than-anticipated fall in US stockpiles. Meanwhile, the market has been pricing in the possibility of a more expansive fiscal policy in the wake of a Democratic victory in the crucial US Senate runoff elections in the state of Georgia. Expectations of larger government borrowing pushed the benchmark 10-year US Treasury yield further beyond 1.0% mark, to the highest level since March 2020. Rallying US bond yields extended some support to the US dollar, which, in turn, was seen as one of the key factors lending some support to the USD/CAD pair. That said, the pair’s inability to register any meaningful recovery suggests that the recent downtrend might still be far from being over and warrants some caution for bullish traders. Hence, it will be prudent to wait for some strong follow-through buying before confirming that the USD/CAD pair has bottomed out in the near-term and positioning for any meaningful recovery. Market participants now look forward to the US economic releases – Initial Weekly Jobless Claims and ISM Services PMI – for a fresh trading impetus. Technical levels to watch 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/NOK to trade at 10.00 and USD/NOK at 8.00 towards the end of 2021 – Nordea FX Street 1 year USD/CAD extended its directionless price move for the second straight session on Thursday. Bullish oil prices underpinned the loonie and kept a lid on any meaningful upside for the pair. The USD found some support amid rallying US bond yields, which helped limit the downside. The USD/CAD pair struggled for a firm direction and remained confined in a narrow trading band, below the 1.2700 mark through the early European session. A combination of diverging forces failed to provide any meaningful impetus to the major, instead led to subdued/range-bound price action for the second consecutive session on Thursday. The prevalent bullish… 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.