Canadian Dollar Climbs On Rising Oil Prices After OPEC Decision
March 04 2021 - 9:34PM
RTTF2
The Canadian dollar advanced against its major counterparts in
the Asian session on Friday, as crude oil prices jumped after the
Organization of the Petroleum Exporting Countries and its allies
decided to keep output unchanged in April.
Crude for April delivery rose $0.96 to $64.79 per barrel.
During a virtual gathering on Thursday, the OPEC+ decided to
maintain the current supply cuts for April amid fears that
coronavirus restrictions could hurt demand.
Saudi Arabia will retain its 1 million barrel-a-day voluntary
production cut in order to support crude prices.
Saudi Energy Minister Prince Abdulaziz bin Salman cautioned
about raising production, but said that cuts will be withdrawn over
the next few months depending upon the market conditions.
Non-OPEC countries such as Russia and Kazakstan were allowed to
make modest increases.
The loonie strengthened to 85.62 against the yen, its highest
level since December 2018. If the loonie extends rise, 88.00 is
possibly seen as its next resistance level.
The loonie recovered to 1.2651 against the greenback, from a
3-day low of 1.2695 seen at 8:15 pm ET. The loonie is likely to
find resistance around the 1.21 level.
The loonie approached 1.5126 against the euro, a level unseen
since June 2020. On the upside, 1.50 is possibly seen as its next
resistance level.
The loonie climbed to a 4-week high of 0.9756 against the aussie
from Thursday's close of 0.9779. The next possible resistance for
the loonie is seen around the 0.96 level.
Looking ahead, UK Halifax house price data is due in the
European session.
U.S. jobs data and and Canada Ivey PMI for February, as well as
U.S. and Canadian trade data and U.S. consumer credit, all for
January, are due in the New York session.
Euro vs CAD (FX:EURCAD)
Forex Chart
From Apr 2024 to May 2024
Euro vs CAD (FX:EURCAD)
Forex Chart
From May 2023 to May 2024