ICE Canadian canola futures eased on Tuesday, pressured by weakness in Chicago soyaoil and strength in the Canadian dollar. The Canadian dollar strengthened for the fifth straight day against its US counterpart on Tuesday, posting a near eight-week high due to higher oil prices.
Fourth straight loss for the March canola contract has left it slightly higher than its 50-day moving average. A fall below that average could trigger technical selling, a trader said. January canola slipped $2.10 at $516 per tonne. March canola shed $2 at $521.70 per tonne. January-March canola spread traded a brisk 7,322 times, as investors moved their positions forward ahead of the January contract's expiry next month.