Investing.com – The U.S. dollar rebounded from a multi-year low against its Canadian counterpart on Monday, as risk appetite appeared to wane, denting demand for riskier assets.
USD/CAD clawed back up from 0.9616, the pair’s lowest since November 14, 2007 to hit 0.9665 during early U.S. trade, gaining 0.33%.
The pair was likely to find support at 0.9616, the days low and a multi-year low and resistance at 0.9705, Friday’s high.
Earlier in the day, the commodity linked Canadian dollar advanced with oil prices remaining well supported as escalating clashes in Libya fanned fears over ongoing disruptions to supplies.
The loonie was also boosted by expectations for possible currency inflows after a weekend bid by China Minmetals Corporation for Canada’s Equinox Minerals, worth in excess of CAD6 billion.
The loonie was also lower against the euro, with EUR/CAD rising 0.37% to hit 1.3764.
Later in the day, the Chairman of the Federal Reserve, Ben Bernanke was to speak while the Bank of Canada was to release its business outlook survey.
USD/CAD clawed back up from 0.9616, the pair’s lowest since November 14, 2007 to hit 0.9665 during early U.S. trade, gaining 0.33%.
The pair was likely to find support at 0.9616, the days low and a multi-year low and resistance at 0.9705, Friday’s high.
Earlier in the day, the commodity linked Canadian dollar advanced with oil prices remaining well supported as escalating clashes in Libya fanned fears over ongoing disruptions to supplies.
The loonie was also boosted by expectations for possible currency inflows after a weekend bid by China Minmetals Corporation for Canada’s Equinox Minerals, worth in excess of CAD6 billion.
The loonie was also lower against the euro, with EUR/CAD rising 0.37% to hit 1.3764.
Later in the day, the Chairman of the Federal Reserve, Ben Bernanke was to speak while the Bank of Canada was to release its business outlook survey.