Forex: USD/CAD – Loonie pressured by elections

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FXstreet.com (Córdoba) - The Canadian dollar weakened after hitting a 3 ½-year high against the Greenback, weighed down by a general election in Canada on Monday, and a drop in oil prices.

USD/CAD bounced off the 0.9445 area during the Asian session, the lowest level seen since November 2007, and rose more than 50 pips before finding resistance at the 0.9500 zone.

The pair however has entered into a lateral phase, struggling around 0.9475 and 0.9500, as the Loonie is torn between a bounce in oil prices and the uncertainty of general elections. The main concern is that the New Democratic Party will deny Conservatives a majority.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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