Forex Pros - The U.S. dollar was up against its Canadian counterpart on Wednesday, jumping to an eight-day high as ongoing tensions in Libya and the Middle East prompted investors towards safety of the greenback.
USD/CAD hit 0.9926 during European afternoon trade, the pair's highest since February 11; the pair subsequently consolidated at 0.9925, rising 0.18%.
The pair was likely to find support at 0.9821, Tuesday's low and resistance at 0.9985, the high of February 11.
Speaking in a televised address on Tuesday, Libya's long ruling leader Muammar Qaddafi stated that he had no intention of stepping down or leaving the country.
Qaddafi vowed to fight a growing rebellion until his "last drop of blood" and pledged to deploy the army and police to impose order.
Meanwhile, anti-government demonstrations continued in Bahrain on Wednesday, with Shi'ite Muslim protesters demanding the fall of the Sunni-run government in the biggest protest since unrest began last week.
The loonie was also down against the euro, with EUR/CAD jumping 0.77% to hit 1.3629.
Later in the day, the U.S. was to publish industry data on existing home sales.
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