The USD/CAD pair retreats from a one-and-half-week high touched earlier this Thursday. The pair drops to a fresh daily low during the early North American session.
The USD/CAD pair is currently trading just below the 1.2900 mark and is pressured by a combination of factors. One of the factors for this is the price of crude oil which gained positive traction. This, along with a modest US dollar pullback from a fresh monthly peak, attracts some selling at higher levels and further contributes to the intraday slide.
The USD, on the other hand, fails to capitalize on its modest intraday uptick amid retreating US Treasury bond yields. Apart from this, a goodish intraday recovery in the equity markets prompts some profit-taking around the safe-haven greenback.
Meanwhile, upbeat US macro releases help limit the downside for the buck and the USD/CAD pair.