Canadian Dollar Firms As Oil Prices Rebound
November 09 2023 - 5:14AM
RTTF2
The Canadian dollar advanced against its major counterparts in
the New York session on Thursday, as oil prices rose, after falling
in the previous session on concerns over waning demand in the U.S.
and China.
Crude for December delivery rose $0.98 to 76.31 per barrel.
Oil prices were rising despite new data indicating deflationary
pressures in China, the world's biggest crude oil importer.
Official data showed earlier in the day that China's consumer
price inflation fell 0.2 percent year-on-year in October while
factory-gate prices declined 2.6 percent, falling for a 13th month
in a row and raising concerns over domestic demand.
The U.S. Energy Information Administration (EIA) said earlier
this week that crude production in the U.S. will rise by slightly
less than previously expected but demand will fall.
The loonie strengthened to a 2-day high of 0.8817 against the
aussie and a 3-day high of 109.66 against the yen, off its early
lows of 0.8850 and 109.33, respectively. The loonie is seen facing
resistance around 0.86 against the aussie and 111.00 against the
yen.
The loonie edged up to 1.4729 against the euro and 1.3764
against the greenback, from its previous lows of 1.4774 and 1.3806,
respectively. The loonie is likely to face resistance around 1.44
against the euro and 1.34 against the greenback.
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Jun 2024 to Jul 2024
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Jul 2023 to Jul 2024