USD/CAD up 68 pips to 1.3935
The Canadian dollar is under pressure alongside oil. Yellen touched on issues of oversupply in commodity markets but wasn't overly dovish. That lent a bid to the US dollar and weighed on crude.
WTI crude has fallen to $27.60 after rising to $28.62 just before Yellen's speech.
USD/CAD has been under pressure over the last week despite a drop in oil to $28 from $34. The resilience has been the result of broader USD weakness and a re-think about the extent of the economic damage to Canada from commodities.
Technical analysis
USD/CAD is showing signs of having hit a bottom. There is a small uptrend since Feb 3 and the latest move breaks the downtrend since late January.
The upside looks attractive here, especially if Yellen isn't more dovish in the Q&A.
