Commodity currencies hold lower ahead of North America trading | Forexlive

The dollar is sitting rather mixed across the board but is holding decent gains against the commodity currencies at least, with both the loonie and aussie being the laggards today.

Despite oil holding higher as OPEC+ meets and Saudi Arabia pledging their commitment to support the market, the Canadian dollar is down 0.5% against the greenback with USD/CAD up to 1.3290 currently. Meanwhile, AUD/USD is down 0.5% to 0.6660 after having brushed against key resistance from its 100 and 200-day moving averages at 0.6690-94 earlier.

That continues to be a key resistance point for the pair as sellers are looking to snap a run of four straight days of gains since last week.

The softer mood in equities is part of the reason weighing on risk currencies today. There is more of a defensive flow with 2-year and 10-year Treasury yields also down by 4.6 bps and 1.9 bps respectively at the moment.

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• Source: https://www.forexlive.com/news/commodity-currencies-hold-lower-ahead-of-north-america-trading-20230705/