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July, 14 - A combination of factors helped USD/CAD to gain traction

The USD/CAD pair traded with a mild positive bias through the European session

USDCAD1407and was last seen hovering near to daily tops, around the 1.3620 region. The pair built on the previous day's goodish intraday bounce of over 75 pips from the 1.3535 region and gained some traction on Tuesday, making its fourth consecutive day of a positive move. The uptick was sponsored by a combination of factors, including some follow-through US dollar buying and a sharp fall in crude oil prices.

The global risk sentiment took a sharp knock amid renewed concerns about escalating US-China tensions. This comes on the back of growing worries about the ever-increasing COVID-19 cases and fresh restrictions in California, which, in turn, benefitted the greenback's relative safe-haven status against its Canadian counterpart.

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