Forex - USD/CAD moves higher as oil prices slide


Forex - USD/CAD moves higher as oil prices slide
Location: Investing.com - The U.S. dollar moved higher against its Canadian counterpart on Tuesday, as declining oil prices dampened demand for the commodity-related Canadian currency, while investors awaited the release of U.S. data later in the day. USD/CAD hit 1.3746 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3771, climbing 0.47%. The pair was likely to find support at 1.3634, the low of February 4 and resistance at 1.3899, the high of February 17. The Canadian dollar weakened as oil prices began to decline once more on Tuesday as concerns over rising Iranian production following the end of international sanctions resurfaced. Separately, OPEC Secretary General Abdalla Salem El-Badri said on Monday that oil producers are still "feeling the water" over a possible deal to freeze production. Meanwhile, investors eyed the release of consumer confidence and home sales data due later in the day, for further indications on the strength of the economy after strong U.S. inflation data on Friday added to expectations for additional rate hikes by the Federal Reserve this year. The loonie was also lower against the euro, with EUR/CAD rising 0.22% to 1.5157. In the euro zone, data on Tuesday showed that the German Ifo Business Climate Index fell to a a 14-month low of 105.7 in February from a reading of 107.3 in January, below forecasts for 106.7.

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