FXStreet (Córdoba) – The Canadian dollar is among the worst performers it the currency market on Thursday, but against greenback managed to trimmed losses during the last hours.
Commodity and emerging market currencies rallied against the US dollar during the last hours making a strong recovery. At the same time the euro, the yen and the Swiss franc pulled back.
USD/CAD stops at 1.3415
The pair peaked during the American session at 1.3415, hitting a fresh 11-year high. But it was rejected from above 1.3400 and lost strength. It made a strong retreated back toward the level it had at the beginning of the day.
The decline from above 1.3400 so far found support at 1.3330. Currently it trades at 1.3335/40, up just 0.15% for the day. USD/CAD is still headed toward the fifth daily gain in a row but the rally of the dollar seems to have run into resistance around 1.3400.
(Market News Provided by FXstreet)