The USD/CAD pair enters a bullish consolidation phase during the Asian session on Friday and oscillates in a narrow trading band just below mid-1.3500
Retreating US bond yields keep the USD bulls on the defensive and cap the upside.USD/CAD
pair enters a bullish consolidation phase during the Asian session on Friday and oscillates in a narrow trading band just below mid-1.3500s, or its highest level since June 1 touched the previous day. The US Treasury bond yields pullback after hitting a multi-year peak on Thursday, which holds back the US Dollar bulls from placing fresh bets and acts as a headwind for the USD/CAD pair. That said, growing acceptance that the Federal Reserve will keep interesthigher for longer should limit any meaningful downside for the US bond yields and the USD.
Moreover, the incoming US macro data pointed to an extremely resilient economy and support prospects for further policy tightening by the Fed. Apart from this, the prevalent risk-off environment further lends support to the safe-haven Greenback and the USD/CAD pair. China’s second-large realtor – Evergrande – and Tianji Holdings – a related company – filed for protection from creditors in a US bankruptcy court on Thursday.
Adding to this, worries that headwinds stemming from rapidly rising borrowing costs will dent demand fail to assistprices to capitalize on the overnight recovery from a two-week low. This, in turn, is seen undermining the commodity-linked Loonie and suggests that the path of least resistance for the USD/CAD pair is to the upside.
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