Forex: USD/CAD advances after plunge in crude prices

FXstreet.com (Barcelona) - The greenback has extended its appreciation against the loonie Monday morning during European trading, propped up by the generalized weakness amongst riskier commodity-based assets as the uncertainty of the Eurozone crisis has shaken investors across the Atlantic.

Since the Asian session, the loonie has been under siege, characterized by a collapse in crude prices to the tune of -2.19%, settling at USD $89.82 at the time of writing. In the absence of any groundbreaking news or economic results emanating out of the United States and Canada later today, the deteriorating situation in Europe will continue to be a paramount focus in the markets Monday.

At the present, the cross is operating in the region of 1.0166, notching a solid gain of +0.25% on the day. The technical analyst team at Mataf.net highlights the next resistance levels at 1.0174, 1.0201, and ultimately 1.0253. Briefing a reversal and subsequent decline, the pair will encounter supports at 1.0095, 1.0043, and finally 1.0016.

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