Canadian Dollar Rises As Crude Oil Prices Surge
June 25 2023 - 10:23PM
RTTF2
The Canadian dollar strengthened against other major currencies
in the Asian session on Monday, as the prices of crude oil went up
on supply concerns due to the political instability in Russia.
West Texas Intermediate Crude oil futures rose 0.29 percent to
$69.36 a barrel. Brent crude futures advanced to 0.30 percent to
$74.23 a barrel.
After an aborted mutiny by Wagner mercenary forces led by
Yevgeny Prigozhin, analysts said the geopolitical risk and internal
instability in Russia has increased.
U.S. Secretary of State Antony Blinken said the events exposed
"real cracks" in Putin's rule.
In the Asian trading today, the Canadian dollar rose to a
7-1/2-month high of 0.8783 against the Australian dollar and nearly
an 8-month high of 109.13 against the yen from Friday's closing
quotes of 0.8795 and 108.99, respectively. The loonie may test
resistance around 0.85 against the aussie and 112.00 against the
yen.
Against the euro and the U.S. dollar, the loonie advanced to
1.4347 and 1.3156 from recent lows of 1.4372 and 1.3181,
respectively. If the loonie extends its uptrend, it may find
resistance around 1.41 against the euro and 1.29 against the
greenback.
Looking ahead, German Ifo business climate index for June is due
to be released in the European session.
At 7.00 am ET, Germany's central bank is scheduled to issue
monthly report.
In the New York session, Canada preliminary manufacturing and
wholesale sales data for May and U.S. Dallas Fed manufacturing
index for June are slated for release.
At 9:00 an ET, Elizabeth McCaul, member of the Supervisory Board
of the ECB, will participate in the roundtable on "Distributed
Ledger Technology (DLT) sustainability in the financial sector" at
Point Zero Forum organised by Banca d'Italia, in Frankfurt.
At 1:30 pm ET, European Central Bank President Christine Lagarde
will deliver welcome remarks at the opening reception of ECB Forum
on Central Banking in Sintra, Portugal.
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