- USD/CAD rescued by the rebound in Treasury-yields driven broad USD comeback.
- US CPI and Canadian housing data ignored ahead of US-China trade talks.
The bulls were rescued by the broad-based US dollar comeback, lifting the USD/CAD pair off the lows to now trade above the 1.33 handle amid mixed US and Canadian macro news.
US annualized Core CPI arrives at 2.4%, matches estimates
The spot is seen making recovery attempts, mainly driven the renewed strength around the Treasury yields across the curve that in turn collaborated to the bounce in the US dollar from weekly lows vs. its main competitors.
Fresh optimism appears to have sparked-in ahead of the US data, as the US-China trade talks get underway and market hopeful of some kind of agreement being reached today. Meanwhile, markets have shrugged off the mixed US CPI figures and upbeat Canadian New House Pricing Index, as the focus solely remains on the developments surrounding the trade talks for near-term trading impetus.
On the CAD-side of the equation, the latest uptick in oil prices seems to have little to no impact on the resource-linked Loonie. Oil prices caught a fresh bid-wave amid heightened Turkey-Syria tensions and trade hopes.
With the fresh leg higher, the buyers now aim to regain the 1.3350 barrier, however, the developments around the trade talks will likely determine the next price direction.
USD/CAD Technical levels to watch
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