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8 Jan 2020

USD/CAD edges back to session tops, eyeing a move beyond 1.3000 handle

  • USD/CAD witnesses some fresh selling amid escalating geopolitical tensions.
  • A slight recovery in the global risk sentiment helped ease the bearish pressure.
  • Market participants now look forward to US ADP report for a fresh impetus.

The USD/CAD pair recovered a part of its early lost ground, with bulls making a fresh attempt to extend the momentum beyond the key 1.3000 psychological mark.

The pair failed to capitalize on the overnight positive move to near one-week tops and came under some renewed selling pressure during the Asian session on Wednesday amid intensifying tensions between the US and Iran.

Bulls reluctant amid escalating geopolitical tensions

News that Iran fired more than a dozen ballistic missiles on US-led forces in Iraq triggered a sharp intraday upsurge in oil prices, which underpinned demand for the commodity-linked currency – loonie and exerted some pressure on the major.

However, the US President Donald Trump refrained from any aggressive response to the strikes, while Iranian Foreign Minister Javad Zarif said that Iran does not seek an escalation of the war and helped ease concerns.

As the markets turned calm, oil prices started losing positive momentum. This coupled with a rebound in the US Treasury bond yields extended some support to the US dollar and helped the pair to rebound around 20 pips from daily lows.

It will now be interesting to see if the pair is able to capitalize on the recovery move or continues with its struggle to sustained/build on the momentum further beyond the 1.30 handle ahead of Trump's statement later during the day.

Apart from geopolitical tensions in the Middle East, traders on Wednesday will also look forward to the US ADP report on private-sector employment, which might influence the US dollar price dynamics and produce some short-term opportunities.

Technical levels to watch

 

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USD/JPY: Neutral to negative outlook – Commerzbank

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