Canadian Dollar Wipes Out Intraday Gain

Written by Sonia Bruno July 29, 2010 Hits: 226

After reaching an intraday high of 1.0302 against the US dollar, Canadian dollar moved back to the 1.0380 area. Canadian dollar lost its strength to wipe out most of its intraday gains.

The pair peaked for the third consecutive day at 1.0390, and did not manage to rise above that level. The long term outlook on the USD/CAD remain neutral as the pair is moving in a specific range nowadays. However, if the pair moves below the support-level of 1.0270, there is a risk for further downward movement.

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