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Canadian Dollar trims losses as a more positive market mood hurts the USD

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The Canadian Dollar (CAD) is trading higher on Wednesday to snap a five-day sell-off that has sent the Loonie 1.7% lower.

Canadian Dollar advances moderately as market sentiment improves. USD/CAD is pulling back despite the Fed’s hawkish stance and lower oil prices. Current Canadian Dollar recovery is likely to be short-lived. The Canadian Dollar is trading higher on Wednesday to snap a five-day sell-off that has sent the Loonie 1.7% lower. A positive risk sentiment, coupled with lower US yields, is hurting the safe-haven US Dollar and offsetting the CAD’s adverse fundamental background.

The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY . Technical analysis: USD/CAD in corrective pullback with 1.

 

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