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Forex - USD/CAD rebounds from multi-year low as oil eases

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Forex Pros - The U.S. dollar rebounded from a multi-year low against its Canadian counterpart on Monday, as crude oil, Canada's largest export, retreated from recent highs after U.S. forces killed al-Qaeda leader Osama bin Laden in Pakistan.

USD/CAD clawed back up from 0.9445, the pair's lowest since November 12, 2007 to hit 0.9494 during early U.S. trade, gaining 0.47%.

The pair was likely to find support at 0.9445, the days low and a multi-year low and resistance at 0.9549, Friday's high.

Bin Laden was killed by U.S. Special Forces during a gun battle at a compound outside Pakistan's capital, Islamabad on Sunday. A Pakistani intelligence official described the raid as a "highly sensitive" joint intelligence operation.

The greenback was boosted by the perception that that bin Laden's death could make the U.S. less subject to further terrorist attacks, but some analysts remained skeptical of whether it would reduce the security risks facing the U.S.

Meanwhile, crude oil for delivery in June was down 0.36% on the New York Mercantile Exchange, to trade at USD113.45 a barrel, after peaking at USD114.11 earlier in the day.

The loonie was also lower against the euro, with EUR/CAD advancing 0.73% to hit 1.4097.

Later in the day, the U.S. Institute for Supply Management was to publish its manufacturing PMI.

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


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

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