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USD/CAD rose modestly in the early American session The USD/CAD pair inched higher toward 1.2100 in the early American session but failed to break out of its daily range. As of writing, the pair was up 0.05% on the day at 1.2085. The data published by Statistics Canada revealed on Tuesday that Canada posted an international trade surplus of C$0.59 billion in April. Although this reading came in better than the market expectation for a deficit of C$0.8 billion, it failed to help the loonie gather strength against its American counterpart.

On the other hand, the US Census Bureau reported the goods and services deficit of the US declined by $6.1 billion to $68.9 billion in April, compared to analysts' estimate for a deficit of $69 billion. The US Dollar Index largely ignored this report and continues to move sideways a little above 90.00. In the meantime, US stock index futures trade in the positive territory and suggest that Wall Street's main indexes will open modestly higher. In case risk flows take control of markets in the second half of the day, the USD could find it difficult to attract investors. Furthermore, the benchmark 10-year US Treasury bond yield is down more than 2%, not allowing the greenback to outperform its rivals.