Investing.com - The U.S. dollar slipped lower against its Canadian counterpart on Monday, as a rebound in oil prices lifted the commodity-related Canadian currency, although the growing opinion that Hillary Clinton could win the presidential election still supported the greenback.
USD/CAD hit 1.3344 during early U.S. trade, the session low; the pair subsequently consolidated at 1.3384, slipping 0.14%.
The pair was likely to find support at 1.3310, the low of October 26 and resistance at 1.3466, Friday’s high and a an eight-month peak.
The Canadian dollar was boosted as oil prices moved sharply higher on Monday after OPEC secretary-general Mohammed Barkindo said the Organization is committed to a planned cut in output to 32.5-33 million barrels per day.
Meanwhile, the greenback moved broadly higher as hopes for a Clinton win mounted after the FBI informed Congress over the weekend that it had "not changed its conclusions" on the private email server maintained by the Democratic candidate.
The U.S. dollar also remained underpinned after the Labor Department said the U.S. economy added 161,000 jobs in October from the prior month and that the unemployment rate ticked down to 4.9%.
The data supported expectations for a December rate hike by the Federal Reserve.
The loonie was higher against the euro, with EUR/CAD retreating 0.88% to 1.4800.