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USD/CAD erases daily gains

FXStreet (Córdoba) - Loonie strengthened during the American session and reversed intraday losses against the greenback this latter weakened and stocks recovered on the back of dovish comments from St Louis Fed President James Bullard.

Bullard said today the Federal Reserve may consider delaying the end of its bond buying program.

USD/CAD has lost more than 100 pips over the last hours, erasing completely its intraday advance and falling from a high of 1.1360 to a low of 1.1255 in recent dealings. At time of writing, USD/CAD is trading at 1.1260, virtually unchanged on the day.

USD/CAD technical perspective

“USD/CAD choppy but underlying trend remains bullish”, said the TD Securities analyst team. “ Despite the recent volatility spike, the USD rebound appears well-entrenched on the short, medium and longer term charts”.

Canadian dollar to face road-blocks - TD Securities

Shaun Osbourne, Chief FX Strategist at TD Securities explained that a sharp losses for stocks on heavy volume trading and a surge in “safe-haven” bonds yesterday made for an uncomfortable time in the FX markets.
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