22.10 - USD/CAD fizzles upside momentum
- by George Solotarov
USD/CAD trims early-day gains while stepping back from the intraday high of 1.3177 to 1.3157 ahead of Thursday’s European session. Even so, the pair prints 0.11% gains on a day as traders wobble after the Asian session risk-off. Following a heavily optimistic market performance of Wednesday, mainly driven by hopes of the US coronavirus (COVID-19) stimulus package, traders probed risk-on mood amid mixed messages.
Among them, fears that the US House Majority Leader Mitch McConnell will not help avail the much-awaited aid package before the presidential elections gained major attention. Unless breaking a two-week-old falling trend line, currently near 1.3190, USD/CAD bears should stay hopeful. Though, fresh selling could be wise below 1.3100.