Forex - USD/CAD trims losses as oil moves back lower

Investing.com -

Investing.com - The U.S. dollar trimmed losses against its Canadian counterpart on Tuesday, as the greenback remained mildly supported by Friday's upbeat U.S. jobs data, while sentiment on the Canadian dollar weakened as oil prices turned lower after a brief rebound.

USD/CAD eased off 1.2651, the session low, to hit 1.2684 during early U.S. trade, steady for the day.

The pair was likely to find support at 1.2553, the low of August 4 and resistance at 1.2714, Monday's high and a three-week high.

The greenback strengthened broadly after Friday's strong nonfarm payrolls data fueled expectations the Federal Reserve will stick to its plans for a third interest rate hike this year.

The U.S. Labor Department said the economy added 209,000 jobs last month, blowing past expectations for an increase of 183,000.

Investors were now eyeing U.S. inflation reports later in the week for indications of whether the recovery in the dollar is sustainable in the longer term.

Meanwhile, the Canadian dollar was pressured by declining oil prices.

The commodity briefly rebounded earlier Tuesday amid growing anticipation surrounding a meeting of OPEC members and non-members in Abu Dhabi.

The loonie was higher lower against the euro, with EUR/CAD adding 0.17% to 1.4980.

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