USD/CAD retreats sharply and erases gains

FXStreet (Córdoba) - The USD/CAD turned to the downside during the American session and erased gains. After the statement of the Bank of Canada the USD/CAD soared to 1.0792, hitting the strongest level since June 20 but then reversed sharply and plunged.

From the highest fell 70 pips and bottomed at 1.0722, fresh daily low. Then rebounded and currently trades at 1.0742, 0.14% below today’s opening price.

Despite moving away from the highs the pair still holds some bullish tone but momentum has faded.