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Forex: USD/CAD surrenders gains

After reaching a 2-week high of 1.0086, the US dollar gave up earlier gains against the loonie, as it weakened broadly on better risk sentiment.

USD/CAD was rejected once again from the 1.0080/85 area on Tuesday, and slid back toward 1.0045 ahead of the New York open. At time of writing, USD/CAD is trading around 1.0050/55 where it is virtually unchanged on the day.

In terms of technical levels, the Mataf.net analyst team locates next supports at 1.0040 and 1.0005, while they see resistances at 1.0085, 1.0100 and 1.0110.

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