FXstreet.com (CÃ³rdoba) - Dollar lost most of earlier gains against the Canadian Dollar. During the American session USD/CAD found resistance at 1.0880 and fell to 1.0775. The pair is holding below 1.1000 and stays near multi-month low at 1.0630. Below intra-day low at 1.0765 the next support lies at 1.0715. On the upside resistance is located at 1.0880 and above at 1.0940.
According to James Hyerczyk of ForexHound.com: The USD CAD lost ground today despite efforts by traders to support this market throughout the day. Buyers finally threw in the towel after a rally in both equity and energy markets fueled a rally in the Canadian Dollar. Losses were limited; however, as traders are still expressing concerns that the Bank of Canada may take action to suppress the rise in the Canadian Dollar. The BoC is concerned that a rapid rise in the value of the Canadian Dollar will have a negative effect on Canadian economic growth.