Canadian Dollar Climbs As Oil Prices Rise Above $50
December 01 2016 - 4:24AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in New York morning trading on Thursday, as oil prices climbed
after OPEC reached a deal to curb supplies.
Crude for January delivery rose $1.51 to $50.95 per barrel.
The Organization of the Petroleum Exporting Countries late
Wednesday agreed to cut production by 1.2 million barrels a
day.
The loonie spiked up to a 9-day high of 0.9879 against the
aussie, while touching 85.66 against the yen, its strongest since
April 25.
The loonie climbed to 1.3361 against the greenback and 1.4193
against the euro, off its early lows of 1.3439 and 1.4270,
respectively.
If the loonie extends rise, it may find resistance around 87.00
against the yen, 1.40 against the euro, 0.97 against the aussie and
1.32 against the greenback.
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