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20 Jul 2021

USD/CAD clings to gains amid stronger USD, 1.2800 mark remains in sight

  • Sustained USD buying continued lending some support to USD/CAD on Tuesday.
  • Rebounding crude oil prices might underpin the loonie and cap gains for the pair.
  • Overbought RSI on the daily chart also warrants some caution for aggressive bulls.

The USD/CAD pair held on to its intraday gains through the early European session and was last seen trading near daily tops, around the 1.2780-85 region.

Following the previous day's modest pullback from the highest level since February 5, the USD/CAD pair caught some fresh bids on Tuesday and was supported by sustained US dollar buying interest. Growing market fears that the fast-spreading Delta variant of the coronavirus would harm the global economic recovery continued acting as a tailwind for the safe-haven greenback.

Apart from this, a modest rebound in the US Treasury bond yields was seen as another factor that extended some additional support to the buck. Meanwhile, a solid rebound in the US equity futures, along with diminishing odds for an imminent Fed action in the near future, might hold the USD bulls from placing aggressive bets and cap gains for the USD/CAD pair.

Apart from this, a goodish pickup in crude oil prices might underpin the commodity-linked loonie and further collaborate to keep a lid on the USD/CAD pair amid overbought RSI on the daily chart. However, fresh COVID-19 outbreaks involving the Delta variant has raised concerns about the short-term fuel demand outlook and might cap the upside for the black gold.

The fundamental backdrop favours bullish traders and supports prospects for an extension of the recent strong move up witnessed over the past two weeks or so. That said, it will still be prudent to wait for some near-term consolidation before positioning for the next leg up amid absent relevant market-moving economic releases, either from the US or Canada.

Technical levels to watch

 

Jul 20, 2021

GBP/USD: Sterling to remain vulnerable while risk-off trading continues – MUFG

The pound has underperformed amidst more risk averse trading conditions resulting in cable closing back below its 200-day moving at just above 1.3700
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Jul 20, 2021

AUD/USD has topped longer-term, on target for the 0.7054/0.6991 area – Commerzbank

The US dollar hit the highest in a year against the aussie. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the AUD
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