The USD/CAD pair drifts lower for the fourth straight day and trades around the 1.3735-1.3740 area during the early European session on Thursday.
USD/CAD remains under some selling pressure for the fourth successive day on Thursday. Dovish Fed expectations, sliding US bond yields weigh on the USD and exert some pressure. A modest downtick in Oil prices could undermine the Loonie and lend support to the major. Bearish traders now await some follow-through selling below the 1.3720 area, or over a two-week low set on Wednesday, before positioning for an extension of this week's sharp retracement slide from the vicinity of mid-1.
Furthermore, worries that an economic downturn in the world's two largest economies will dent fuel demand weigh on Crude Oil prices, which could undermine demand for the commodity-linked Loonie and lend support to the USD/CAD pair. Market participants now look to the US economic docket, featuring the usual Weekly Initial Jobless Claims data later during the early North American session.
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