USD/CAD comes under some fresh selling on Friday amid persistent USD weakness. Collapsing US bond yields, Fed rate cut speculations continue to weigh on the USD. Weaker oil prices undermined the loonie and helped limit losses ahead of jobs data. The USD/CAD pair refreshed daily lows, around the 1.3385 region during the early European session and has now erased the previous session’s positive move. The pair extended the overnight late pullback from the 1.3440 supply zone, or weekly tops, and witnessed some follow-through selling on the last trading day of the week. Persistent US dollar weakness, amid a plunge in the US Treasury bond yields, was seen as one of the key factors exerting some pressure on the major. Investors likely to wait for a fresh catalyst The coronavirus-led selloff across global equity markets forced investors to take refuge in the so-called “safe-haven” assets, including the US Treasuries. This coupled with expectations that the Fed will again cut interest rates by another 50 bps on March 18 dragged the US bond yields to fresh record lows on Friday. Meanwhile, reports that OPEC ministers have decided to cut oil output by 1.5 million barrels per day failed to lift oil prices, which lost around 1.5% on Friday. Weaker sentiment around the oil market undermined the commodity-linked currency – the loonie – and might help limit deeper losses, at least for the time being. Investors might also be reluctant to place any aggressive bets, rather prefer to wait on the sidelines ahead of Friday’s important release of the monthly employment reports from the US (NFP) and Canada. This coupled with the outcome of the OPEC+ meeting will play a key role in determining the pair’s next near-term direction. 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 India: CPI Inflation to correct in February – Standard Chartered FX Street 3 years USD/CAD comes under some fresh selling on Friday amid persistent USD weakness. Collapsing US bond yields, Fed rate cut speculations continue to weigh on the USD. Weaker oil prices undermined the loonie and helped limit losses ahead of jobs data. The USD/CAD pair refreshed daily lows, around the 1.3385 region during the early European session and has now erased the previous session's positive move. The pair extended the overnight late pullback from the 1.3440 supply zone, or weekly tops, and witnessed some follow-through selling on the last trading day of the week. Persistent US dollar weakness, amid a plunge in… 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.