Forex: USD/CAD retraces intraday gains

The dollar continued to lose ground versus commodity currencies and the euro at the beginning of the NY session in a sudden spark of risk appetite, although with no clear catalyst, dragging USD/CAD back to opening levels.

After failing to overcome the 1.0280 area, USD/CAD turned lower and dropped nearly 25 pips within the last minutes, erasing most intraday gains. At time of writing, the cross is quoting around 1.0265, just a few pips above its opening price.

As for technical levels, the Mataf.net sees immediate supports at 1.0250 and 1.0230, while they place resistances at 1.0280, 1.0315 and 1.0335.