- USD/CAD buying seen at 1.3390
- Oil rally helps CAD
- Global uncertainties underpin the dollar
USD/CAD is trading sideways in the European session and is staying below 1.3400.
The pair was at 1.3390 recently as bids kept coming near the 1.336 levels, during the Asian session.
The uptick in the pair is in line with the dollar demand seen across the globe after the better than expected US Non-Farm Payrolls data. Jobs in July came in at 1.8 million against 1.6 million expected.
But, the dollar demand was offset by the strength in the Canadian dollar due to the rally in WTI crude oil prices. The US oil traded up by one Percent to touch 41.5 dollars – thanks to Saudi Aramco CEO’s upbeat projection of oil demand amid the easing of coronavirus lockdown world over.
As there will not be any significant data flow from the US and Canada, fiscal stimulus talks, risk trends and dollar dynamics will dictate the price action in the pair.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.