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July, 08 - USD/CAD benefits from dollar gains

As the US dollar continues to draw the haven bids from the tepid risk sentiment, USD/CAD keeps its bullish momentum intact above 1.3600.

usdcad0807The spot fades a spike to daily highs of 1.3624, now posting small gains to trade at 1.3609. The continued surge in coronavirus cases globally, with the worsening situation in the US and Australia, boosts the demand for the safe-haven US dollar at the expense of the higher-yielding assets such as stocks, oil, Canadian dollar.

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