The USD/CAD pair edged lower during the early North American session and was last seen trading near the lower end of its daily range, just below the key 1.3000 psychological mark.
The pair failed to capitalize on the previous day's modest bounce from over two-week lows, instead met with some fresh supply on Thursday and was pressured by a softer tone surrounding the US dollar. Optimism over the development of a COVID-19 vaccine, along with clarity on the US political front and softer US macro data dragged the USD to its lowest level in more than two months.
It is worth recalling that President-elect Joe Biden was formally given a go-ahead to start his transition to the White House. This comes on the back of the progress on remedies for the highly contagious coronavirus disease and boosted investors' confidence. This, in turn, was seen as one of the key factors that continued denting the greenback's safe-haven status.


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