Forex: USD/CAD retraces gains and dips below 0.9800

FXstreet.com (Córdoba) - After climbing toward the 0.9850 area on broad based dollar strength, USD/CAD has turned back south as risk aversion recedes across the markets, with the Loonie tracking oil recovery that bounced back above $93.00 per barrel.

The Canadian dollar has strengthened within the last hours, dragging USD/CAD near 60 pips lower below 0.9800, touching a low at 0.9787 after the Wall Street opening.

At time of writing, USD/CAD is trading around the 0.9800 mark, 0.15% below its opening price. On the downside, next support could be found at 0.9770 ahead of 0.9750 while on the upside, immediate resistance levels might be faced at 0.9820 and 0.9850.