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Forex News: Canadian Dollar Climbs On Higher Oil Prices

Canadian Dollar Climbs On Higher Oil Prices

04/19/2018 - 09:24:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its major counterparts in the European session on Thursday, as oil prices climbed on falling U.S. inventories and Saudi Arabia's remarks that it is contended with prices rising upto $100 a barrel.

Crude for June delivery rose $1.02 to $69.48 per barrel.

Investors continued to cheer Saudi Arabia's push to see crude rising to US$80 or even US$100 a barrel. The kingdom's backing was seen as a signal that it is willing to extend the supply cut deal, which will expire at the end of 2018.

OPEC's ministerial committee and the Russia-led producing countries is set to meet in Saudi Arabia tomorrow to discuss oil production cut deal.

Official data from the Energy Information Administration showed Wednesday that U.S. crude supplies fell by 1.1 million barrels for the week ended April 13, about twice the forecast decline.

The loonie has been trading higher against its most major rivals in the Asian session, as Asian shares rose on optimism about global economic growth.

The loonie advanced to 1.2586 against the greenback, from a low of 1.2645 hit at 9:45 pm ET. The loonie is seen finding resistance around the 1.24 level.

The loonie climbed to 1.5580 against the euro, after advancing to 1.5643 at 10:30 pm ET. If the loonie rises further, 1.52 is possibly seen as its resistance level.

Data from the European Central Bank showed that the euro area current account surplus declined in February.

The current account surplus fell to a seasonally adjusted EUR 35.1 billion in February from EUR 39 billion in January.

The loonie strengthened to 85.30 against the yen and 0.9795 against the aussie, from its early low of 84.86 and a new 2-week low of 0.9857, respectively. The loonie is seen finding resistance around 87.00 against the yen and 0.96 against the aussie.

Looking ahead, U.S. leading index for March is scheduled for release shortly.

Federal Reserve Governor Randal Quarles testifies on supervision and regulation before the Senate Banking Committee in Washington DC at 9:30 am ET.

The Bank of England Deputy Governor Jon Cunliffe will speak at the Global Finance Forum in Washington DC at 12:30 pm ET.

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