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8 Sep 2020

USD/CAD: Off intraday high above 1.3100, return of US/Canadian traders eyed

  • USD/CAD bulls step back even as the mix of DXY’s six-day winning streak, WTI’s downbeat performance remains in play.
  • Trading sentiment remains compressed amid US-China and Indo-Sino tussles.
  • Markets in the US and Canada were closed on Monday, offered a little space to cheer Friday’s upbeat employment data.

USD/CAD trims the early-day gains while declining to 1.3100 during the pre-European session on Tuesday. The loonie pair marks the second day of run-up as market sentiment favors the US dollar index (DXY) ahead of the US and Canadian traders’ return from the extended weekend. Also strengthening the quote could be the sustained weakness of Canada’s key export item oil.

After Beijing’s visa restrictions over the American reporters, chatters concerning the US ban on cotton imports from Xinjiang gains importance. Also weighing on the risk-tone sentiment could be the border tussle between China and India. Furthermore, the Brexit fears and calls of further easing from the European Central Bank (ECB) are additional catalysts that weigh on the market mood and diver traders towards the greenback.

As a result, the US dollar index (DXY) rises for the sixth day after dropping to a 28-month low during the early-month. In doing so, the quote takes the bids near 93.15, up 0.10% on a day.

While the mixed performance of Asia-Pacific stocks and declines of the US 10-year Treasury yields, to 0.70%, highlight the risk-off mood, WTI’s 0.40% fall to $39.25 takes the USD moves into consideration and favor the pair bulls.

Even so, traders will wait before the weekly open of the US and Canadian markets as Friday’s welcome employment data from both the nations had a little time to please the bulls before tech rout retook controls.

Technical analysis

A clear break of a downward sloping trend line from August 10 propels USD/CAD towards 21-day SMA near 1.3160. On the contrary, sellers have multiple downside barriers ahead of refreshing the monthly low around 1.2995.

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