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Canadian dollar update – Friday July 10, 2020. Traders cautious with US dollar risk-off bid.

FX & market recap:

The high number of new US COVID-19 cases in the US yesterday, a rise in new cases in Tokyo, combined with healthy gains in stock markets, sparked a profit-taking-fueled shift into safe-haven trades.  That shift continued overnight.  New York opened with additional US dollar gains against the commodity currencies, firmer JPY, and higher gold prices, while remaining close to flat against GBP and CHF.

Canadian dollar highlights:

USD/CAD rejected attempts to drive below support in the 1.3490-1.3505 area yesterday. The subsequent rally broke above resistance at 1.3580 and led to a test of 1.3630 overnight. The drop-in oil prices and risk-aversion demand for US dollars fueled the rally. Canada employment data is due this morning. USD/CAD may be vulnerable to a sell-off on better than expected data.

Euro highlights:

EUR/USD continues to bounce in its well-defined 1.1170-1.1360 range. The single currency is underpinned a softer USD/CNY, but gains are capped by EUR/GBP selling, and a lack of fresh direction from the European Union and European Central Bank.

British pound highlights:

GBP/USD dropped in Asia and tested support from the intraday uptrend line at 1.2570. It held Prices are trading at 1.2615 in NY, buoyed by reports that Prime Minister Boris Johnson, told EU and UK Chief negotiators he wanted an “outline” Brexit agreement this summer.

Asia Pacific highlights:

USD/JPY closed at 107.20 and has been under pressure since, trading in NY at 106.78. Safe-haven demand for yen due to COVID-19 and a steep drop in US Treasury yields are behind the move. 10-year Treasury yields dropped from 0.655% in Asia to 0.58% in NY.

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