Investing.com - The U.S. dollar inched higher against the Canadian dollar on Monday, but gains were limited in subdued trade as markets in the U.K. and the U.S. remained closed for public holidays.
USD/CAD hit 1.0332 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0328, inching up 0.06%.
The pair was likely to find support at 1.0297, Friday’s low and resistance at 1.0354, Friday’s high.
Market sentiment stabilized on Monday, but investors remained wary amid concerns that the Federal Reserve could scale back its USD85 billion-dollar-a-month asset purchase program this year.
Investors were looking ahead to the outcome of Wednesday’s Bank of Canada’s policy setting meeting, Governor Mark Carneys last before taking over as governor of the Bank of England.
The loonie, as the Canadian dollar is also known, was slightly lower against the euro, with EUR/CAD edging up 0.09% to 1.3366.
USD/CAD hit 1.0332 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0328, inching up 0.06%.
The pair was likely to find support at 1.0297, Friday’s low and resistance at 1.0354, Friday’s high.
Market sentiment stabilized on Monday, but investors remained wary amid concerns that the Federal Reserve could scale back its USD85 billion-dollar-a-month asset purchase program this year.
Investors were looking ahead to the outcome of Wednesday’s Bank of Canada’s policy setting meeting, Governor Mark Carneys last before taking over as governor of the Bank of England.
The loonie, as the Canadian dollar is also known, was slightly lower against the euro, with EUR/CAD edging up 0.09% to 1.3366.