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USD / CAD - Canadian dollar rebounds slightly.

- Global markets directionless.

- Risk sentiment improves modestly.

- USD dollar gives back some gains.

USDCAD: open: 1.3522-26, overnight range: 1.3525-1.3554, close 1.3545, WTI $80.61, Gold $1902.74.

The Canadian dollar flirted with tested support yesterday, and it held; as a result, prices drifted lower. The Canadian dollar merely followed the lead of the major G-10 currencies, which recorded small gains as the US dollar rally eased due to an upturn in risk sentiment. The positive risk sentiment stemmed from the lower US 10-year Treasury yield, which pulled back from its peak of 4.355% on Monday to 4.308% in New York today.

Attention is also on China's economic challenges and the efforts of the People's Bank of China to manipulate the yuan's trajectory upward. State banks in China have been active in the offshore market, strategically attempting to render holding long USDCNH positions considerably burdensome.

There is limited availability of quality economic data today, which suggests traders will look toward remarks from Chicago Fed President Austan Goolsbee and Fed Governor Michelle Bowman to provide direction. A few weeks ago, Mr. Goolsbee expressed his preference for observing a more pronounced inflation trend before the Fed considers halting its rate hikes. Ms. Bowman, in contrast, adopted a more hawkish stance, asserting the necessity for the Fed to persist in raising rates. Should their viewpoints remain consistent, the market might infer that Powell will echo similar sentiments in his speech at Jackson Hole.

EURUSD bounced in a 1.0881-1.0930 range, with the low seen in early NY trading. Traders continue to bide their time until Friday’s Jackson Hole Symposium when they hope to glean some insight from ECB President Christine Lagarde.

GBPUSD rallied then retreated in a 1.2754-1.2800 range. Prices tracked broad US dollar moves and garnered some support from a report that UK government borrowing costs were lower than expected in July.

USDJPY traded with a negative bias in a 145.40-146.40 range, thanks to the US 10-year yield dropping to 4.304% from 4.354% yesterday.

AUDUSD climbed from 0.6404 to 0.6458, buoyed by the improved risk sentiment driven by rising equity markets. Nevertheless, concerns about China's slowing economy acted as a limiting factor on potential gains.

US Existing Home Sales data and the Richmond Fed Manufacturing Index are set to provide further insights.