Canadian Dollar Climbs As Oil Prices Inch Higher
January 16 2024 - 3:33AM
RTTF2
The Canadian dollar moved up against its most major counterparts
in the European session on Tuesday, as oil prices rose on supply
concerns driven by escalating conflict in the Middle East.
Crude for March delivery rose $0.30 to 73.09 per barrel.
Fears of disruptions to Middle East supplies remain after Houthi
rebels fired a missile that struck a U.S.-owned ship Monday just
off the coast of Yemen in the Gulf of Aden.
Israel's military has ended its "intensive" phase of operations
in northern Gaza and will soon do the same in southern Gaza, the
country's defense minister has said.
Weekly inventory data from the American Petroleum Institute will
be out on Wednesday, given the U.S. market holiday on Monday.
Official inventory data from the U.S. Energy Information
Administration will be published on Thursday.
The loonie climbed to a 5-day high of 108.91 against the yen and
near a 2-week high of 0.8898 against the aussie, off its early lows
of 108.26 and 0.8946, respectively. The loonie may find resistance
around 110.00 against the yen and 0.875 against the aussie.
The loonie edged up to 1.4667 against the euro, from an early
nearly 5-week low of 1.4726. The loonie is likely to find
resistance around the 1.44 level.
In contrast, the loonie fell to near a 5-week low of 1.3500
against the greenback. The loonie is poised to challenge support
around the 1.38 level.
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