USD/CAD gained strong upside momentum and is trying to settle above the resistance at 1.2700.
The Canadian dollar was trading 0.9% lower at 1.2710 to the greenback, or 78.68 U.S. cents, its biggest decline since last October. On Thursday, the loonie touched its strongest intraday level since February 2018 at 1.2464. "The loonie is losing ground along with other risk assets as market volatility increased on a small tantrum over the rising U.S. yields," said Amo Sahota, director at Klarity FX in San Francisco.
Economic data from the Eurozone and the U.S will be in focus later today. Market reaction and Iran’s response to U.S military action in Syria will also influence.