Investing.com - The U.S. dollar was almost unchanged against its Canadian counterpart on Monday, after rising to a nine-month peak earlier in the day as Donald Trump’s shock election last week continued to support the greenback.
USD/CAD hit 1.3588 during U.S. morning trade, the pair’s highest since February; the pair subsequently consolidated at 1.3548.
The pair was likely to find support at 1.3450, Friday’s low and resistance at 1.3588, the session high and a nine-month high.
The U.S. dollar was boosted by hopes that increased fiscal spending and tax cuts under a Trump administration will bolster economic growth and inflation.
Expectations for higher U.S. interest rates also remained intact amid optimism that a pick-up in growth will allow the Federal Reserve to tighten borrowing costs.
Meanwhile, the Canadian dollar remained under pressure as oil prices continued to drop on Monday, amid growing concerns over a global supply glut.
The loonie was higher against the euro, with EUR/CAD tumbling 1.03% to 1.4551.