Canadian Dollar receding on Wednesday as market sentiment sours, US Treasury yields climb once more

The Canadian Dollar is falling back into familiar lows on Wednesday as investors pull up stakes. Canada Housing Starts came in better than expected, but risk-off flows are dominating. Thin calendar docket for the CAD until Friday’s Retail Sales. r and taking the USD/CAD back up the charts.

Despite the sideways primary trend, the intermediate and short-term trends are more bullish suggesting longs have their backs to the wind. This lends a bias to more upside, and if it were not for the major resistance line there would be a green light signaling ‘go’ – as it is it could prove a spoiler.

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