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Forex News: Canadian Dollar Advances On Rising Oil Prices

Canadian Dollar Advances On Rising Oil Prices

07/12/2019 - 08:37:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its most major counterparts in the European session on Friday amid rising oil prices, as oil production in the Gulf of Mexico has been reduced in the wake of Tropical Storm Barry that threaten the region.

Crude for August delivery rose $0.06 to $60.26 per barrel.

Report from the US Department of Interior's Bureau of Safety and Environmental Enforcement showed Thursday that around 53.39 percent of the current oil production in the Gulf of Mexico was reduced, which is equivalent to 1.01 million barrels of oil per day.

Barry is expected to gather strength as a Category 1 hurricane on Saturday and make landfall in Louisiana.

Oil prices were also supported by lowering of oil production growth forecast by OPEC for its non-cartel peers next year.

In its monthly report, the cartel projected demand for crude in 2020 to fall to 29.27 million barrels of oil per day, down 1.34 million barrels of oil per day from the 2019 projection.

The currency has been trading in a positive territory against its major counterparts in the Asian session, excepting the aussie.

The loonie appreciated to near a 9-month high of 1.3018 against the greenback and held steady thereafter. The pair was worth 1.3071 at Thursday's close.

The loonie that ended yesterday's trading at 1.4708 against the euro advanced to a 4-day high of 1.4659. Next key resistance for the loonie is seen around the 1.44 mark.

Data from Eurostat showed that Eurozone industrial production rebounded at a faster than expected pace in May largely driven by consumer goods output.

Industrial output grew 0.9 percent month-on-month in May after declining 0.4 percent in April. This was the first increase in four months.

The loonie edged higher to 0.9105 against the aussie, from a low of 0.9126 hit at 1:45 am ET. The loonie is likely to face resistance around the 0.895 mark.

On the flip side, the loonie eased to 83.05 against the yen, from a 1-1/2-month high of 83.24 touched at 3:45 am ET. If the loonie drops further, 81.00 is seen as its next support level.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production grew at a less-than-initially-estimated rate in May.

Industrial production rose 2.0 percent month-on-month in May instead of 2.3 percent estimated previously.

Looking ahead, U.S. producer prices for June are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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