03.07 - USD/CAD licking its wounds after the sell-off overnight
- by George Solotarov
USD/CAD extends its Asian consolidative mode into Europe session, as the bears face exhaustion following the slump overnight. Despite the sell-off, the spot held onto the key 1.3550 support, now trading flatlined just above the latter, as long US weekend-induced minimal volatility offers little zest to the traders.
Also, as the dust settles over the excellent US monthly jobs report, markets are trying a hand at-risk assets once again but growing coronavirus concerns are likely to keep any advances in the Canadian dollar limited.