The USD/CAD pair rose on Monday after falling throughout last week, where falling oil prices from their highest level in two and a half years helped the pair rise back to the upside, while lack of economic fundamentals from North America played its role in keeping trading rather calm.
Oil prices rose earlier on Monday amid the ongoing political crisis in Libya, however prices dropped below $108 a barrel.
We should expect the pair to move on Tuesday as the ISM services (Non-manufacturing) index will be released, in addition to the FOMC Minutes.
Tuesday 14:00, the ISM Non-Manufacturing Composite will be released for the month of March, where the index expanded at 59.7 back in February, and median estimates suggest that services activities slightly eased but continued to expand in March to reach 59.5.
Tuesday 18:00, the FOMC Minutes will be released, where the FOMC is not expected to change the outlook, since economic activities in the United States remained rather the same, although we expect the Fed to signal an ongoing improvement in economic conditions, while also expressing concerns about rising energy prices.
Originally posted here
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