The USD/CAD pair rose on Monday after U.S. President Obama announced that U.S. troops killed Osama Bin Laden on Sunday in Pakistan, and amid the uncertainty over the outcome of the fourth election in seven years. The Canadian dollar fell against major currencies as the results of the elections are too close to call with the National Democratic Party seen as a threat to the current Conservative Party in taking over the Conservative majority government, which is seen as a reason to weigh down on the Canadian dollar and further push the pair to the upside.
The USD/CAD pair will probably continue to rise until the results of the elections are finally out, where a Conservative party government will push the pair to the downside, while a coalition government between the NDP-Liberal parities would send the pair to the upside.
Tuesday 14:00, the United States will release the Factory Orders index for the month of March, where factory orders are expected to rise by 1.6%, following the prior decline of 0.1% in February.
Written by ForexMansion.com