Investing.com - The U.S. dollar holds steady against its Canadian counterpart on Monday, as demand for the greenback remained supported, although a rebound in oil prices lent some support to the commodity-related Canadian currency.
Trading volumes were expected to remain quiet on Monday with U.S. markets closed in observance of Presidents' Day.
USD/CAD hit 1.3798 during early U.S. trade, the pair’s lowest since February 9; the pair subsequently consolidated at 1.3843.
The pair was likely to find support at 1.3704, the low of February 5 and resistance at 1.3967, Friday’s high.
Crude oil prices rose back above $29 a barrel on Monday, still supported by the United Arab Emirates energy minister’s comments last Thursday saying that the OPEC was willing to talk with other exporters about cutting output.
But the greenback remained supported after the Commerce Department said on Friday that retail sales rose 0.2% last month, beating expectations for an increase of 0.1%.
Retail figures used to calculate gross domestic product, which exclude cars, fuel, building materials and food services, rose 0.6% in January after a 0.3% fall in the previous month.
The loonie was higher against the euro, with EUR/CAD declining 0.75% to 1.5467.