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Forex News: Canadian Dollar Advances After OPEC Extends Production Cut

Canadian Dollar Advances After OPEC Extends Production Cut

12/01/2017 - 02:35:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major rivals in Asian session on Friday, as oil prices rose after the Organization of the Petroleum Exporting Countries and Russia decided to extend their oil production cuts to the end of 2018.

Crude for January delivery rose $0.18 to $57.58 per barrel.

At its meeting in Vienna, the cartel and its allies agreed to extend the ongoing production cuts for an additional 9 months through the end of 2018.

Libya and Nigeria, OPEC members which had been exempt from cuts previously, had agreed to cap oil output at 2017 levels.

The next OPEC ministerial meeting is set for June 2018, according to Russian Oil Minister Alexander Novak.

Investors await Canada GDP data for September and jobs data for November later in the day for more direction.

Meanwhile, Asian shares are trading mixed as U.S. Senate Republicans delayed voting on their tax bill and a private survey showed that activity in China's vast manufacturing sector fell in November to the weakest pace in five months.

Also, media reports suggest that the White House is considering a plan to oust Secretary of State Rex Tillerson, whose relationship has been strained by the top U.S. diplomat's softer line on North Korea and other differences.

The loonie climbed to a 4-day high of 87.53 against the Japanese yen, compared to Thursday's closing value of 87.25. Continuation of the loonie's uptrend may see it challenging resistance around the 89.00 region.

The loonie that closed Thursday's trading at 1.2895 against the greenback edged up to 1.2866. If the loonie rises further, 1.26 is possibly seen as its next resistance level.

The loonie edged up to 0.9729 against the aussie, from a low of 0.9758 hit at 5:00 pm ET. Further uptrend may take the loonie to a resistance around the 0.96 mark.

On the flip side, the loonie held steady against the euro, after falling back to 1.5357 at 12:45 pm ET. The pair closed Thursday's deals at 1.5350.

Looking ahead, PMIs from major European economies are due in the European session.

In the New York session, Canada GDP data for September and jobs data for November as well as U.S. ISM manufacturing index for November and construction spending for October are due.

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