Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Forex - USD/CAD falls to 1-week lows amid rising oil prices

ForexJul 04, 2016 09:28AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Greenback moves lower vs. loonie in early trade

Investing.com - The U.S. dollar fell to one-week lows against its Canadian counterpart on Monday. as rising oil prices lent support to the commodity-related Canadian currency, although ongoing concerns over the global consequences of the Brexit vote still lent some support to the greenback.

USD/CAD hit 1.2851 during early U.S. trade, the pair’s lowest since June 24; the pair subsequently consolidated at 1.2862, sliding 0.37%.

The pair was likely to find support at 1.2714, the low of June 24 and resistance at 1.3016, the high of June 30.

Oil prices were supported on Monday, as news of a larger than expected drop in U.S. inventories last week and supply disruptions in Nigeria pushed the commodity closer to the $50 a barrel threshold.

But investors remained cautious as Britain’s shock decision to leave the European Union fuelled uncertainty over the consequences of the U.K. vote on the country’s economy and the global economy as a whole.

Market participants were looking ahead to the Bank of England’s financial stability report due on Tuesday for fresh clarity on the health of the U.K. banking sector in the wake of the Brexit vote.

BoE Governor Mark Carney indicated late last week that more stimulus may be needed over the summer, sparking expectations for an upcoming rate cut.

The loonie was higher against the euro, with EUR/CAD declining 0.49% to 1.4316.

In the euro zone, data earlier showed that the number of unemployed people in Spain declined by 124,300 in June, blowing past expectations for a 74,300 fall and after a 119,800 drop the previous month.

Forex - USD/CAD falls to 1-week lows amid rising oil prices
 

Related Articles

Dollar Largely Flat; Fed Meeting Looms Large
Dollar Largely Flat; Fed Meeting Looms Large By Investing.com - Jun 14, 2021 3

By Peter Nurse Investing.com - The dollar was largely unchanged in early European trade Monday, with traders showing caution ahead of the latest two-day meeting of the Federal...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email