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Forex News: Canadian Dollar Climbs Amid Higher Oil Prices

Canadian Dollar Climbs Amid Higher Oil Prices

11/21/2017 - 08:23:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its most major rivals in the European session on Tuesday, as investors await the OPEC meeting due to be held later this month, which is set to discuss extension of production cuts by oil producing nations. Crude for January delivery rose $0.15 to $56.57 per barrel. The OPEC and non-OPEC nations will meet in Vienna on November 30 to discuss the extension of output curbs aimed to rebalance global market. Ongoing oil production reduction of 1.8 million barrels per day will expire in March 2018. Markets are hopeful that OPEC along with non-OPEC countries are likely to continue output cuts through the next year.

The American Petroleum Institute's weekly inventory data is due later in the day, with analysts expecting the crude stocks to fall by 2.167 million barrels last week.

This will be followed by official data from the Energy Information Administration on Wednesday.

European shares reversed losses as German Chancellor Angela Merkel said she would prefer a new election to ruling with a minority. Investors awaited cues from the latest Fed and ECB meetings due this week. The currency held steady against its major rivals in the Asian session, with the exception of the aussie.

Having fallen to near a 3-week low of 1.2837 against the greenback, the loonie reversed direction and rose to 1.2790. If the loonie rises further, 1.26 is possibly seen as its next resistance level.

The loonie advanced to 1.5002 against the euro, off its early 4-day low of 1.5082.Continuation of the loonie's uptrend may see it challenging resistance around the 1.49 zone.

The loonie was trading in a positive territory against the yen with the pair worth 87.90, up from an early low of 87.64. The loonie is seen finding resistance around the 89.00 mark.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity decreased at a faster-than-expected pace in September, after rebounding in the previous month.

The all industry activity index dropped 0.5 percent month-over-month in September, reversing a 0.2 percent rise in August. Economists had expected a 0.4 percent fall for the month.

On the flip side, the loonie declined to a 5-day low of 0.9704 against the aussie, off its prior high of 0.9649. The next possible downside target for the loonie is seen around the 0.98 region.

Weekly survey compiled by the ANZ bank and Roy Morgan Research showed that Australia's consumer confidence strengthened during the week ended November 19 to the highest level in sixteen weeks.

The consumer confidence index climbed to 116.4 from 114.8 in the preceding week.

Looking ahead, Canada wholesale sales for September and U.S. existing home sales for October are due in the New York session.

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