USD/CAD Moves Lower As Gold Rallies

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USD/CAD pulled back amid rising demand for commodity-related currencies.

U.S. Dollar Index pulled back as China retaliated with an 84% tariff on U.S. goods. Treasury yields continued to move higher at a robust pace as bond traders sold U.S. debt. The yield of 2-year Treasuries moved towards the 3.80% level, while the yield of 10-year Treasuries settled near 4.45%. It should be noted that rising yields did not provide any support to the American currency in today’s trading session.

USD/CAD moved lower as traders focused on the strong rally in precious metals markets. Falling oil markets did not put pressure on the Canadian dollar today.

If USD/CAD stays below the 1.4180 level, it will move towards the next support at 1.4060 – 1.4080.

USD/CAD 100425 4h Chart

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