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Forex News: Canadian Dollar Climbs On Higher Oil Prices

Canadian Dollar Climbs On Higher Oil Prices

09/25/2017 - 08:38:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its most major counterparts in the European session on Monday, as oil prices firmed on optimistic comments from OPEC with regard to the rebalancing of crude market.

Crude for November delivery rose $0.25 to $50.91 per barrel.

OPEC and non-OPEC compliance with the supply cut deal rose to 116 percent in August, underscoring the commitment of participating producing countries to cooperate towards the rebalancing of the market, OPEC said at a gathering in Vienna last week.

Falling rig counts also buoyed oil prices. Data from Baker Hughes energy services firm showed that oil rigs fell by 5 to 744 rigs in the week ended September 22.

European stocks were trading mixed as the result of the German election stoked uncertainty among investors and a report showed Germany's business confidence weakened in September.

German Chancellor Angela Merkel won a fourth term in office on Sunday, but will have to govern with a far less stable coalition.

The currency showed mixed performance in the Asian session. While it rose against the yen and the euro, it held steady against the greenback. Against the aussie, the currency fell.

The loonie firmed to 1.2320 against the greenback, after having dropped to 1.2350 at 7:15 pm ET. If the loonie rises further, 1.21 is possibly seen as its next resistance level.

The loonie spiked up to a weekly high of 1.4630 against the euro, compared to 1.4733 hit late New York Friday. Continuation of the loonie's uptrend may see it challenging resistance around the 1.44 area.

Survey results from Ifo Institute showed that Germany's business confidence weakened in September.

The business confidence index fell to 115.2 in September. Economists had forecast the indicator to remain at August's initially estimated value of 115.9.

The loonie remained in a positive territory against the aussie with the pair trading at 0.9807. This may be compared to a 4-day low of 0.9840 set at 8:15 pm ET. The next possible resistance for the loonie is seen around the 0.97 mark.

On the flip side, the loonie held steady against the yen, after falling to 90.81 at 6:30 am ET. The pair was valued at 90.77 when it closed deals on Friday.

Data from the Cabinet Office showed that Japan's leading index decreased less than initially estimated in July.

The leading index, which measures the future economic activity, dropped to 105.2 in July from 105.7 in June. The reading for July was revised up from 105.0.

Looking ahead, at 8:30 am ET, Federal Reserve Bank of New York President William Dudley speaks on "Workforce Development" at Onondaga Community College.

Half an hour later, the ECB President Mario Draghi gives testimony before the European Parliament Economic and Monetary Affairs Committee in Brussels, Belgium

Federal Reserve Bank of Chicago President Charles Evans speaks before the Economic Club of Grand Rapids in Michigan at 12:40 pm ET.

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