Investing.com – The U.S. dollar was up against its Canadian counterpart on Monday, advancing to a fresh daily high, as crude oil prices retreated from recent highs.
USD/CAD hit 1.0143 during European afternoon trade, a daily high; the pair subsequently consolidated at 1.0136, gaining 0.25%.
The pair was likely to find support at 1.0076, the low of October 7 and resistance at 1.0234, last Friday’s high.
Earlier in the day, crude oil prices shed 0.60% to hit USD 82.36 a barrel. Canada is the largest supplier of crude oil to the U.S. and as a result the Canadian dollar closely tracks changes in commodity prices.
Meanwhile, the loonie was up against the euro, with EUR/CAD shedding 0.05% to hit 1.4082.
Meanwhile, data released on Friday showed that U.S. non-farm payrolls fell unexpectedly in September, down for the fourth consecutive month. The weak data reinforced expectations that the Federal Reserve will announce new asset buying in order to boost the flagging U.S. economy.
USD/CAD hit 1.0143 during European afternoon trade, a daily high; the pair subsequently consolidated at 1.0136, gaining 0.25%.
The pair was likely to find support at 1.0076, the low of October 7 and resistance at 1.0234, last Friday’s high.
Earlier in the day, crude oil prices shed 0.60% to hit USD 82.36 a barrel. Canada is the largest supplier of crude oil to the U.S. and as a result the Canadian dollar closely tracks changes in commodity prices.
Meanwhile, the loonie was up against the euro, with EUR/CAD shedding 0.05% to hit 1.4082.
Meanwhile, data released on Friday showed that U.S. non-farm payrolls fell unexpectedly in September, down for the fourth consecutive month. The weak data reinforced expectations that the Federal Reserve will announce new asset buying in order to boost the flagging U.S. economy.