Forex News – USD/CAD tumbles to 4-day low as oil rallies on Libya

March 21, 2011 - PRLog -- InvestTechFX reports that the USD/CAD hit a mark of 0.9750 during the late European afternoon trading session. This was the pair’s lowest since March 15 while the pair subsequently consolidated at 0.9770, falling down 0.76%.

The USD/CAD pair was likely to find support at 0.9667, the low of March 9 and a multi-year low and resistance at 0.9865, Friday’s high. InvestTechFX is a No Dealing Desk (NDD) and Straight Through Processing (STP) Forex company offering an industry leading ½ pip on all 6 majors while trading with the MT4 platform. InvestTechFX recently reduced their fixed spreads from 0.5 PIP to 0.2 PIP for 3 majors. When customers open an account with a deposit of $5000.00 they can receive leverage of up to 1:500. InvestTechFX recently reduced their fixed spreads from 0.5 PIP to 0.2 PIP for 3 majors.

Earlier on in the day, coalition forces which include the U.S. and France launched a second wave of air strikes on Libya in an attempt to remove loyalist support for leader Moammar Gadhafi and protect Libyan civilians from governmental forces.

On Thursday crude oil contracts for delivery in April were trading at the mark of USD103.08 on the New York Mercantile Exchange, after peaking at 104.25 earlier.

InvestTechFX sources state that elsewhere anti-government protests continued in Yemen, Bahrain and Syria over the weekend, adding to fears that unrest would continue to spread throughout the oil-rich Middle East and North Africa.

The Canadian dollar was also sharply higher against the yen, with CAD/JPY climbing to 1.45% to reach 83.06. In addition, on Monday, industry data showed  that sales of previously owned homes in the United States decreased in February, despite three consecutive monthly gains.

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It is important to keep updating yourself with the different economic trends in the international scene. After all, this currency market is greatly affected by the events that occur in the different countries and their respective economies. Familiarizing yourself with the factors that affect the FOREX market will surely help you make better decisions. For more information please visit www.investtechfx.com.