USD/CAD continues losses from previous week

NEW YORK (Forex News Now) – The dollar began the week against the loonie the same way it ended the last one – by suffering losses.

In what will be a rather quiet week because of the Christmas and New Year’s holidays, USD/CAD dropped to 1.0065 at around 9:30 A.M., GMT on Monday, after opening at 1.0082.

The dollar suffered four consecutive days of losses to end last week after reaching a week high of 1.0208 on the Monday.

With Canadian banks closed on Monday and Tuesday and no major realtime forex news events expected to take place north of the border, the biggest impact will probably come from data being released in the United States.

The Conference Board’s monthly release of its level of consumer confidence index is one event that could affect currency market trading, while the release of data on Thursday of American natural gas storage and crude oil inventories always has an impact on the loonie, due to Canada’s large energy sector.