Forex
USD/CAD Hits July Highs Ahead of Crucial NFP Release
The Canadian dollar continues to face challenges against the US dollar, as evidenced by USD/CAD's nine consecutive bullish sessions and over 1.7% gain in that period.
This upward momentum is largely driven by the strength of the US bond market, which remains supportive of dollar demand.
The Canadian dollar's weakness can also be attributed to the sustained rally in US Treasury yields, with the spread between US and Canadian government bond yields remaining substantial.