Canadian Dollar Moves Up Amid Higher Oil Prices
December 27 2022 - 3:41AM
RTTF2
The Canadian dollar was higher against its major opponents in
the European session on Tuesday, as oil prices climbed following
China's announcement to end quarantine measures for inbound
travelers from January 8.
Crude for March delivery rose $0.44 to $84.94 per barrel.
The National Health Commission announced on Monday that China
will scrap the quarantine rules for inbound travelers after nearly
three years of restrictions.
Inbound travelers will be required to take a PCR test in the 48
hours before arriving in China, and restrictions on the number of
international flights into the country will also be ended.
European stocks rose as the latest policy move from China
triggered optimism over the reopening of the economy.
The CAD/JPY pair touched a 1-week high of 98.56. The loonie may
test resistance around the 102.00 region, should it rallies
again.
The loonie reached 1.4400 against the euro, its highest level
since December 15. The currency is likely to challenge resistance
around the 1.42 level.
The loonie climbed to 0.9117 against the aussie, off an early
5-day low of 0.9174. If the loonie rises further, it may locate
resistance around the 0.885 level.
The loonie appreciated to 1.3525 against the greenback, setting
nearly a 2-week high. The next possible resistance for the loonie
is seen around the 1.33 level.
Looking ahead, U.S. wholesale inventories and advance goods
trade balance for November, as well as Federal Housing finance
agency's house price index and S&P/Case-Shiller home price
index for October will be featured in the New York session.
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