USD/CAD is losing ground as traders focus on falling Treasury yields. The yield of 2-year Treasuries declined towards the 4.22% level, while the yield of 10-year Treasuries settled below 4.70%. Other commodity-related currencies are also moving higher despite the pullback in precious metals markets.

Currently, USD/CAD attempts to settle below the support level at 1.3920 – 1.3935. If USD/CAD manages to settle below the 1.3920 level, it will move towards the next support, which is located in the 1.3825 – 1.3840 range.