WSJ: Canadian Dollar Down Slightly, Sits Out Modest Rally in Risk Assets
By Don Curren
TORONTO--The Canadian dollar is down slightly Wednesday morning, unable to gain any traction despite a guarded move by investors into some riskier assets in overnight trading.
The U.S. dollar was at C$1.0266 Wednesday, from C$1.0257 late Tuesday, according to data provider CQG.
The Australian dollar, whose movements are often closely aligned with those of the Canadian currency, has traded actively, discarding earlier gains after weaker-than-expected inflation data in Australia and then recovering. But selling by investment funds capped the U.S. dollar's gain against the loonie shy of resistance at C$1.0284, said RBC Capital Markets.
It sees another resistance level at C$1.0359 and support at C$1.0142.
There are no significant Canadian data releases Wednesday, leaving the currency at the mercy of broader trends in global markets.
