I would like to understand the relationship between government bond yields and exchange rates. I’m mostly interested in the case of the US bonds and USD exchange rate against other major currencies, eg. the Canadian dollar or the yen.

I would like to understand how changes in US government yields impact the USD exchange against other major currencies, eg. the Canadian dollar or the yen.

• My question assumes that the bond yields impact exchange rate, and not the other way around. But I may be mistaken.
• I know that purchasing a US government bonds are sold in USD, therefore anyone buying US government bonds needs to buy USD.