The USDCAD pair stays on the defensive in early European trading and is right now set at the lower end of its daily trading range, around 1.3260.
The pair failed to benefit from the overnight attempted recuperation from over 3-month lows and met with some new supply in the midst of a goodish pickup in Crude Oil prices, which will in general support demand for the CAD.
In the interim, the USD managed to sustain the overnight recuperation gains – driven by the most recent optimism over trade development and asolid rebound the US Treasury bond yields, which may now help limit any further downside.
Is the pair able to discover any buying enthusiasm at lower levels or the present slide denotes the extension of the recent sharp downfall from 5-month highs – levels around 1.3550 (high May 31)? Let’s see!