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Forex - USD/CAD slides lower in early trade

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Investing.com -

Investing.com - The U.S. dollar slid lower against its Canadian counterpart on Tuesday, as concerns over global economic growth persisted although declining oil prices continued to weigh on the Canadian currency.

USD/CAD hit 1.3853 during early U.S. trade, the session low; the pair subsequently consolidated at 1.3881, sliding 0.33%.

The pair was likely to find support at 1.3704, the low of February 5 and resistance at 1.4103, the high of February 3.

Market sentiment was hit after Japan's Nikkei closed down 5.4% overnight, the largest drop in three years amid mounting fears over the health of the global economy and the financial sector.

Concerns over the health of European banks prompted investors to sell financial stocks on Monday, sparking a rout in European and U.S. markets.

Meanwhile, the commodity-related Canadian dollar remained under pressure as oil prices fell back below $30 a barrel on Monday amid ongoing supply glut concerns.

The loonie was lower against the euro, with EUR/CAD gaining 0.59% to 1.5671.

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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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