USD/CAD Signal - USD 5 Year Note Auction - 25 Aug 2021

USDCAD has made a pullback from recent highs prior to the USD 5 Year Note Auction, which reveals the yields on the government backed security. Technically the pair has pulled back into the trendline and the moving averages, which are currently in a bullish cross, and the key pivot level. We anticipate a rebound back up into the 1.2770 level.