Investing.com – The Canadian dollar was down against its U.S. counterpart on Tuesday, falling to a fresh 2-day low, as crude oil prices tumbled amid speculation U.S. fuel demand will drop.
USD/CAD hit 1.0432 during European afternoon trade, the pair’s highest since September 3; the pair subsequently consolidated at 1.0427, shedding 0.70%.
The pair was likely to find support at 1.0339, Monday’s low, and resistance at 1.0568, the high of September 3.
Earlier in the day, the price of crude oil fell to a 3-day low, plunging 1.11% to hit USD 73.28 a barrel. Canada is a major crude oil exporter and as a result the currency often tracks changes in crude oil prices.
Meanwhile, the loonie was up against the euro, with EUR/CAD shedding 0.23% to hit 1.3300.
On Wednesday, the Bank of Canada is to announce its benchmark interest rate for September.
USD/CAD hit 1.0432 during European afternoon trade, the pair’s highest since September 3; the pair subsequently consolidated at 1.0427, shedding 0.70%.
The pair was likely to find support at 1.0339, Monday’s low, and resistance at 1.0568, the high of September 3.
Earlier in the day, the price of crude oil fell to a 3-day low, plunging 1.11% to hit USD 73.28 a barrel. Canada is a major crude oil exporter and as a result the currency often tracks changes in crude oil prices.
Meanwhile, the loonie was up against the euro, with EUR/CAD shedding 0.23% to hit 1.3300.
On Wednesday, the Bank of Canada is to announce its benchmark interest rate for September.