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Forex News: Canadian Dollar Climbs On Higher Oil Prices

Canadian Dollar Climbs On Higher Oil Prices

10/23/2017 - 07:55:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its most major counterparts in the European session on Monday, as oil prices rose following a data showing a fall in U.S. oil drilling activity last week as well as on possible supply disruptions from northern Iraq.

Crude for December delivery rose $0.10 to $51.94 per barrel.

Data from energy services firm Baker Hughes showed that the oil rig count fell by seven to 736 in the week ended October 20, the lowest level since June.

Oil exports from Iraq's Kurdistan were reduced this week due to fighting between government forces and Kurdish groups following the independence referendum last month. Flows were lowered to around 200,000 to 250,000 barrels per day, compared to normal flows of around 600,000 bpd.

Canada's wholesale prices for August are due shortly, with economists forecasting an increase of 1.1 percent on month.

The loonie showed mixed trading in the Asian session. While the currency dropped against the greenback and the aussie, it rose against the yen and the euro.

The loonie recovered to 90.21 against the Japanese yen, from a low of 90.03 hit at 4:15 am ET. The next possible resistance for the loonie-yen pair is seen around the 92.00 region.

Data from the Cabinet Office showed that Japan's leading index improved more than initially estimated in August.

The leading index, which measures the future economic activity, climbed to 107.2 in August from 105.2 in July. The reading for August was revised up from 106.8.

The loonie advanced to 1.4827 against the euro, after having dropped to 1.4873 at 6:00 pm ET. The loonie is seen finding resistance around the 1.47 mark.

The loonie edged up to 0.9860 against the aussie, off its early near 5-week low of 0.9883. If the loonie rises further, 0.97 is possibly seen as its next resistance level.

On the flip side, the loonie fell back to 1.2638 against the greenback, not far from near a 2-month low of 1.2641 set at 8:15 pm ET. The pair finished last week's deals at 1.2512.

Besides Canada wholesale sales data, Eurozone preliminary consumer sentiment index for October is due in the New York session.

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