FXstreet.com (Córdoba) - The Canadian Dollar is losing ground on Monday affected by a decline in crude-oil prices. USD/CAD rose after the opening bell to 1.0850 posting the highest price in almost a week. The pair then pulled back and fell below 1.0800 finding support at 1.0765. In the last hours moved inside a range with support at 1.0765 and resistance at 1.0795. Greenback is rising for second day in a row against the Canadian but is far from intra-day high, current price at 1.0785/88 is 0.78% above today's opening price.
Crude-oil futures are holding below $70 a barrel and on Monday the price fell more than 3% on concerns about the economic recovery. According to James Hyerczyk of ForexHound.com: Talk that the Fed is considering an exit strategy or at least an end to its financial stimulus programs is helping to pressure December Crude Oil. Traders feel that the economy may not be strong enough to trigger enough demand at this time to keep pace with the growing supply.