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Forex News: Canadian Dollar Climbs On Higher Oil Prices

Canadian Dollar Climbs On Higher Oil Prices

11/24/2017 - 09:09:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its key counterparts in the European session on Friday, as oil prices rose on shrinking inventories in the U.S. and investors awaited the OPEC meeting next week that would discuss extension of production cuts by oil producing nations.

Crude for January delivery rose $0.72 to $58.74 per barrel.

Partial closure of the Keystone pipeline that links Canadian oilfields with the U.S. also underpinned oil prices. Due to the outage, deliveries through the pipeline are expected to be cut by about 85 percent in November.

Data from the Energy Information Administration showed Wednesday that U.S. crude stocks fell 1.9 million barrels to 457.14 million barrels in the week to November 17.

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.

Russian Energy Minister Alexander Novak said that the nation was ready to discuss an extension of the global deal, but didn't made any mention of extension of deal at present. The loonie rose to 1.5080 against the euro and 1.2705 against the greenback, from its early more than 4-week low of 1.5131 and a 2-day low of 1.2747, respectively. The next possible resistance for the loonie is seen around 1.49 against the euro and 1.26 against the greenback.

The loonie advanced to 0.9683 against the aussie and 87.66 against the yen, off its previous lows of 0.9701 and 87.40, respectively. If the loonie rises further, it may locate resistance around 89.00 against the yen and 0.94 against the aussie.

Looking ahead, Markit's U.S. preliminary manufacturing index for November is set for release in the New York session.

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