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USD/CAD falls after 4-day rally

FXStreet (Córdoba) -
The Canadian dollar reached a 6-month low against Greenback during the Asian session but then managed to erased losses and finished the day higher, after falling during the previous four trading days.

USD/CAD pulled back from the highs and after breaking a short term support around 1.1195 tumbled toward 1.1160. The pair finished Wednesday trading at the lows, around 1.1160, 35 pips below Tuesday’s closing price.

USD/CAD bearish correction but trend remains

Despite posting a daily loss, the trend continues to favor the upside. “We remain bullish on the outlook for USDCAD overall and while softer commodities and the broadly stronger USD suggest that USDCAD should soon be retesting the March peak just under 1.13, cross flows are perhaps helping slow the ascent in funds for now”, noted the Rates, FX and Commodities Research Team at TD Securities.

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