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by ForexNewsNow Team on December 28, 2010

USD/CAD falls as dollar struggle against all major counterparts

canada cad usd dollar forex analysisNEW YORK (Forex News Now) – The dollar fell against the loonie on Tuesday, just as it did against most of its major counterparts in currency market trading.

USD/CAD traded at 1.0048 at around 9:00 A.M., GMT, down 0.2% on the day, after hitting a session high of 1.0072 and a low of 1.0042.

The dollar suffered heavy losses during the day, falling to a three-week low against the Japanese yen and a seven-week low against the Australian dollar after US bond yields fell on Monday.

According to USD/CAD analysis, the dollar was likely to touch support around the Nov. 5 low of 0.9991, and to encounter resistance around the Dec. 20 high of 1.0208.

The dollar’s losses also came as FX traders awaited the release of data on US consumer confidence later in the day by the Conference Board Inc. The data was expected to show that confidence rose this month.

Elsewhere, the loonie fell against the pound: GBP/CAD traded at 1.5512 on the day, a drop of 0.09% in intraday analysis.

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