This article is originally referred from Traders Trust Forex Daily News
The U.S. dollar erased losses and re-approached a fresh three-month peak against its Canadian counterpart today, as lower oil prices weighed on demand for the commodity-related Canadian currency and as investors eyed the Federal Reserve’s upcoming policy statement.
The pair was likely to find support 1.3121, Monday’s low and resistance at 1.3286, the high of March 28.
Oil prices moved sharply lower today amid concerns over a global glut of crude and refined products.
Meanwhile, market participants eyed the Fed’s upcoming policy decision on Wednesday, as a recent string of pbeat U.S. data continued to support expectations for a rate hike by the U.S. central bank in the near future.
While most investors expect the Fed to leave its monetary policy unchanged this week, it could give hints on the timing of future rate hikes.
The loonie was steady against the euro, with EUR/CAD at 1.4531.
Disclaimer: The content in this article is Investment Research and should not be construed as containing Investment Advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. TTCM Traders Trust Capital Markets Ltd, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.
Original Source: Traders Trust Forex Daily News