30.12 - USD/CAD witnessed some selling on Wednesday
- by George Solotarov
The USD/CAD pair edged lower through the early European session and was last seen hovering near the lower end of its daily trading range, around the 1.2785 region. A combination of factors failed to assist the pair to build on the previous day's modest bounce of around 35-40 pips from over one-week lows, instead prompted some fresh selling on Wednesday. The US dollar slumped to fresh multi-year lows amid increasing bets about the likelihood of more US financial measures, despite a delay in increased stimulus paychecks.
It is worth reporting that Senate Majority Leader Mitch McConnell on Tuesday blocked an effort to hold an immediate vote to raise the COVID-19 relief payments to $2,000. The development was largely offset by the US Treasury Secretary Steve Mnuchin's announcement that qualified Americans could begin receiving the stimulus check of $600 from Tuesday night.