Investing.com - The U.S. dollar rose to a fresh six-month high against its Canadian counterpart on Tuesday, as declining chances of an oil production freeze weighed on the commodity-related Canadian currency, while the greenback strengthened after Monday night’s U.S. Presidential debate.
USD/CAD hit 1.3281 during early U.S. trade, the highest since March; the pair subsequently consolidated at 1.3265, gaining 0.29%.
The pair was likely to find support at 1.3135, Monday’s low and resistance at 1.3553.
The Canadian dollar was hit by dropping oil prices on Tuesday, following reports differences between Saudi Arabia and Iran remained too wide to achieve a production freeze deal this week.
Meanwhile, the greenback found support as concerns related to the U.S, Presidential debate late Monday eased as analysts considered that Hillary Clinton did better than her rival Donald Trump.
Markets tend to see Clinton as a status quo candidate, while few are sure what a Trump presidency might mean for international trade deals or the U.S. economy.
Separately, the U.S. dollar also continued to recover from losses posted after the Fed decided to leave interest rates unchanged at the conclusion of its policy meeting last Wednesday.
The loonie was higher against the euro, with EUR/CAD edging down 0.14% to 1.4861.