Canadian Dollar Advances Amid Oil Prices Rise
May 09 2017 - 3:27AM
RTTF2
The Canadian dollar strengthened against the other major
currencies in the European session on Tuesday, as oil prices rose
amid signs that OPEC will extend its supply quota plan well into
2017.
The crude oil delivery for June is currently up by 0.14 percent
or $46.57 per barrel.
In the Asian trading today, the Canadian dollar held steady
against its major rivals.
In the European trading, the Canadian dollar rose to an 8-day
high of 1.4895 against the euro, a 4-week high of 83.18 against the
yen and nearly a 4-week high of 1.0038 against the Australian
dollar, from early lows of 1.4972, 82.62 and 1.0127, respectively.
If the loonie extends its uptrend, it is likely to find resistance
around 1.47 against the euro, 85.00 against the yen and 0.99
against the aussie.
Against the U.S. dollar, the loonie advanced to 1.3670 from an
early low of 1.3708. The loonie may test resistance around the 1.35
region.
Looking ahead, Canada building permits for March and U.S. NFIB
small business index for April and U.S. wholesale inventories for
March are due to be released in the New York session.
At 9:00 am ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari speaks before the Minnesota High Tech Spring
Conference, in Minneapolis.
At 1:00 pm ET, Federal Reserve Bank of Boston President Eric
Rosengren will give luncheon speech in New York City.
At 4:15 pm ET, Federal Reserve Bank of Dallas President Robert
Kaplan is expected to speak at the Lower Middle Market Investment
Summit, in Dallas.
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