Forex: USD/CAD rallies toward 1.0300

The Canadian dollar failed to sustain gains versus the greenback and quickly reversed its post-data advance to trade lower on the day as the US currency picks up momentum across the board and stocks decline in Wall Street.

After sliding to a weekly low of 1.0245, USD/CAD bounced strongly and rallied over 50 toward a high of 1.0294 during the NY session. However, the pair has lacked determination to break above 1.0300 and it is currently trading around 1.0280, still up 0.3% on the day.