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20 Jul 2020

USD/CAD remains depressed, lacks follow-through amid weaker oil prices

  • USD/CAD extended its intraday rejection slide from the 1.3600 mark amid softer USD.
  • Weaker crude oil prices might undermine the loonie and help limit any further losses.

The greenback remained on the defensive against its Canadian counterpart and pushed the USD/CAD pair to fresh daily lows, around mid-1.3500s in the last hour.

The pair failed to capitalize on its early uptick to three-day tops, rather faced rejection near the 1.3600 mark amid the emergence of some fresh selling around the US dollar. The ever-increasing number of coronavirus cases in the US dampened prospects for a swift recovery for the domestic economy and kept exerting some pressure on the USD.

The greenback was also pressured by a fresh leg down in the US Treasury bond yields, down around 3% for the day. This coupled with a slight recovery in the global risk sentiment – as depicted by a goodish bounce in the equity markets amid optimism over a potential COVID-19 vaccine – further dented the USD's relative safe-haven status.

Meanwhile, a weaker tone surrounding crude oil prices, which tends to undermine the commodity-linked currency – the loonie, did little to impress bulls, albeit might help limit deeper losses. Hence, it will be prudent to wait for some strong follow-through selling before traders start positioning for a further near-term depreciating move.

In the absence of any major market-moving economic releases, the USD price dynamics might continue to act as a key determinant of the USD/CAD pair's momentum. This coupled with the sentiment around oil prices might further contribute towards producing some meaningful trading opportunities on the first day of the week.

Technical levels to watch

 

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