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Forex News: Canadian Dollar Climbs As Oil Prices Rise On

Canadian Dollar Climbs As Oil Prices Rise On Middle East Tensions

06/05/2017 - 03:38:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its most major counterparts in the Asian session on Monday, as oil prices rose amid tensions in the Middle East, as Saudi-led alliance cut diplomatic ties with Qatar.

Crude for July delivery rose $0.48 to $48.14 per barrel.

Saudi Arabia, Bahrain, the United Arab Emirates and Egypt decided to suspend diplomatic and transportation links with Qatar, accusing it for supporting terrorism and challenging regional stability.

Saudi Arabia said the decision was made due to Qatar's acceptance of "various terrorist and sectarian groups aimed at destabilising the region" including the Muslim Brotherhood, al-Qaida, the Islamic State group and groups supported by Iran in the kingdom's restive eastern province of Qatif.

Reflecting tightening supplies, Saudi Aramco raised the July prices for Arab Light crude to Asian customers by $0.60 a barrel versus June to a discount of $0.25 a barrel to the Oman/Dubai average.

Asian stock markets are traded mixed, after the release of disappointing U.S. jobs data and on news of the terror attack in London that left at least seven people dead.

The loonie declined against its most major rivals on Friday, as oil prices dropped on fears over global supply.

The loonie advanced to 82.12 against the yen and 1.5175 against the euro, from its early lows of 81.72 and 1.5227, respectively. The next possible resistance for the loonie is seen around 84.00 against the yen and 1.48 against the euro.

The loonie that closed Friday's trading at 1.3485 against the greenback rose to a 4-day high of 1.3472. Continuation of the loonie's uptrend may see it challenging resistance around the 1.32 level.

On the flip side, the loonie weakened to an 11-day low of 1.0068 against the aussie, compared to 1.0036 hit late New York Friday. The loonie is likely to find support around the 1.02 region.

Survey by the Australian and New Zealand Banking Group showed that Australia's job advertisements increased for the third straight month in May.

Total job ads rose a seasonally adjusted 0.4 percent month-over-month in May, slower than the 1.5 percent climb in April.

Looking ahead, PMIs from major European economies are due in the European session.

In the New York session, U.S. ISM non-manufacturing composite index for May, factory orders and durable goods orders for April are set for release.

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