USD/CAD extends its losses for the second consecutive session on Thursday, trading around 1.3750 during the Asian session.
USD/CAD loses ground due to the subduedUS Dollar on Thursday. Lower US Treasury yields put pressure on the Greenback. The decline in the WTI price may limit the advance of the Canadian Dollar. The pair follows the retreat from the five-month high of 1.3846 reached on Tuesday. Meanwhile, the US Dollar Index loses ground, primarily influenced by subdued US Treasury yields. DXY falls to near 105.90 with the 2-year and 10-year yields on US Treasury bonds stand at 4.92% and 4.
On the flip side, the downward trend in crude Oil prices might constrain the Canadian Dollar's upward momentum, considering Canada's status as the largest Oil exporter to the United States . West Texas Intermediate Oil price dips to nearly $82.30 per barrel at the time of writing. Market concerns persist regarding demand for this year, particularly in light of indications suggesting the potential avoidance of a broader conflict in the Middle East.
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