Monday, February 15, 2016

Forex - USD/CAD holds steady in early trade

Investing.com - 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.

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