Canadian Dollar Climbs As Oil Prices Rally
April 01 2020 - 11:44PM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the Asian session on Thursday, as oil prices jumped after after
U.S. President Donald Trump said that a price war between Saudi
Arabia and Russia could end soon.
Crude for May delivery rose $1.83 to $22.14 per barrel.
Speaking at a White House press briefing on Wednesday, Trump
said that he expected Saudi Arabia and Russia to reach a deal soon
as he spoke with both countries' leaders.
"It's very bad for Russia, it's very bad for Saudi Arabia. I
mean, it's very bad for both. I think they're going to make a
deal," said Trump.
Asian markets are trading mixed as a dire warning about the U.S.
coronavirus death toll added to fears about a steep slump in global
economic activity.
It is worth noting that in little over 24 hours, the number of
global coronavirus cases jumped from eight lakh to nine lakh while
deaths neared 50,000.
The loonie advanced to 1.4078 against the greenback and 76.16
against the yen, after falling to 1.4196 and 75.42, respectively in
early deals. The next possible resistance for the loonie is seen
around 1.35 against the greenback and 80.00 against the yen.
The loonie appreciated to a 1-week high of 1.5420 against the
euro, from a low of 1.5562 hit at 7:30 pm ET. The loonie is seen
finding resistance around the 1.50 level.
The loonie edged up to 0.8590 against the aussie, from
yesterday's closing value of 0.8612. On the upside, 0.84 is
possibly seen as the next resistance level for the loonie.
Looking ahead, Eurozone PPI for February is due in the European
session.
U.S. and Canadian trade data for February, U.S. weekly jobless
claims for the week ended March 28 and durable goods orders for
February are set for release in the New York session.
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