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19 Oct 2020

USD/CAD remains depressed near session lows, around 1.3165 region

  • USD/CAD witnessed some selling for the second consecutive session on Monday.
  • The upbeat market mood, US political uncertainties weighed on the safe-haven USD.
  • Softer oil prices undermined the loonie and might help limit deeper losses, for now.

The USD/CAD pair traded with a mild negative bias through the early North American session and was last seen hovering near the lower end of its daily range, around the 1.3165-75 region.

The pair added to the previous session's losses and remained depressed for the second consecutive session on Monday. The downtick was exclusively sponsored by some renewed US dollar selling, albeit the downside remains cushioned amid a softer tone surrounding oil prices.

Reviving hopes of a US fiscal stimulus package, along with expectations of a vaccine for the highly contagious coronavirus disease by the end of this year triggered a strong risk-on rally in the equity markets. This, in turn, dented the greenback's relative safe-haven status.

It is worth recalling that House Speaker Nancy Pelosi said on Sunday that differences remained with the US President Donald Trump's administration on a wide-ranging coronavirus aid package. She, however, was optimistic that legislation could be pushed through before the Election Day.

Apart from this, the uncertain US political situation further weighed on the greenback. With about two weeks left until the November 3 presidential election, Trump and his Democratic challenger Joe Biden will debate for a final time on Thursday, which might infuse some volatility in the market.

Meanwhile, a strong rally in the US Treasury bond yields failed to impress the USD bulls or provide any meaningful impetus to the USD/CAD pair. However, a modest pullback in oil prices undermined the commodity-linked currency – the loonie – and might help limit deeper losses, at least for now.

There isn't any major market-moving economic data due for release of Monday. This makes it prudent to wait for some strong follow-through selling before traders again start positioning for the resumption of the USD/CAD pair's recent downward trajectory from levels beyond the 1.3400 mark.

Technical levels to watch

 

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