USD/CAD refreshes session tops, back closer to mid-1.3200s
|- Rebounding US bond yields helped the USD to regain some positive traction.
- A pullback in Oil prices undermined Loonie and provided an additional boost.
The greenback picked up some pace in the last hour and lifted the USD/CAD pair to fresh session tops, around the 1.3235 region, back closer to the top end of a four-day-old trading range.
A combination of supporting factors helped the pair to regain some positive traction and rally around 45-50 pips from an early slide to sub-1.3200 level. A goodish rebound in the US Treasury bond yields - amid some signs of stability in the global financial markets, underpinned the US Dollar demand and helped gain some traction.
Apart from this, an intraday pullback in Crude Oil prices - now retreating farther below the $55.00/barrel mark, dented demand for the commodity-linked currency - Loonie and further collaborated to the pair's solid intraday bounce, with bulls now eyeing a move back towards challenging multi-week tops set last week.
It, however, remains to be seen if the pair is able to capitalize on the positive momentum or once again runs into some fresh supply at higher levels amid the recent escalation in trade tensions between the world's two largest economies and absent relevant market-moving economic releases - either from the US or Canada.
Meanwhile, scheduled speeches by FOMC speakers - Chicago Fed President Charles Evans and St. Louis Fed President James Bullard, might influence the USD price dynamics and produce some short-term opportunities during the North-American session.
Technical levels to watch
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