Canadian Dollar Advances As Oil Extends Gains
March 26 2024 - 6:18AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the European session on Tuesday, as oil prices held Monday's
gains as heightened geopolitical tensions exacerbated supply
concerns.
Russian President Vladimir Putin has publicly acknowledged that
"radical Islamists" were behind the recent attack on a concert hall
outside Moscow.
At the same time, Putin also suggested a potential involvement
of Ukraine in the incident, which occurred on March 22 at Crocus
City Hall.
Elsewhere, Israeli Prime Minister Benjamin Netanyahu has
cancelled a trip to Washington by an Israeli delegation of top
officials after the U.S. abstained from a vote at the United
Nations Security Council calling for a Gaza cease-fire.
As the conflict in Gaza enters its sixth month, both Israel and
Hamas have rejected the most recent attempts by international
mediators to stop the carnage.
The Yemen-based Houthi militants have warned Saudi Arabia that
it would be a target if it provides aid and support to the
US-British aggression against the group.
The warning comes amid increased attacks against vessels in the
Red Sea claimed by the Iran-backed group in support of
Palestinians.
The loonie climbed to 4-day highs of 1.3553 against the
greenback and 111.73 against the yen, off its early lows of 1.3590
and 111.31, respectively. The currency is seen facing resistance
around 1.32 against the greenback and 114.00 against the yen.
The loonie rose to 1.4706 against the euro and 0.8873 against
the aussie, from its early 5-day lows of 1.4738 and 0.8898,
respectively. The loonie is likely to locate resistance around 1.44
against the euro and 0.86 against the aussie.
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