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USD/CAD rejected from 1.0560

FXstreet.com (Edinburgh) – The USD is now losing some ground, dragging the USD/CAD to the area of 1.0540 after hitting session highs near 1.0560 on Tuesday.

USD/CAD lower after US data, risk appetite

Poor results from the US Consumer Confidence, with the gauge dipping beyond estimates to 70.4 vs. 72.9 for the month of November, collaborated with the current decline, which seems to have found support near 1.0540. The persistence of a risk-on context would be adding to the correction lower as well. According to Sebastien Galy, Strategist at Societe Generale, “The uptrend started in Jan 2013 and is helped by …read more