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Forex News: Canadian Dollar Climbs As Oil Prices Rise

Canadian Dollar Climbs As Oil Prices Rise

12/28/2017 - 09:32:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked up against its key counterparts in the European session on Thursday, as oil prices recovered after another surprisingly large drop in U.S. oil inventories.

Crude for February delivery rose $0.03 to $59.67 per barrel.

API reported a draw of 6 million barrels of oil last week, the fourth straight decline that surpasses analyst expectations.

The Energy Information Administration will release the official data shortly.

Further underpinning the oil was the news that China had raised their import quota for next year.

China has allocated crude oil import quotas totaling 121.32 million tonnes for 44 companies in 2018, in a move aimed to spur stronger crude demand, Reuters reported.

The currency held steady against its major rivals in the Asian session, with the exception of the greenback.

Extending early rally, the loonie hit a 2-1/2-month high of 1.2580 versus the greenback. This may be compared to a low of 1.2661 hit at 6:00 pm ET. The loonie is seen finding resistance around the 1.24 region.

The loonie firmed to a 2-week high of 1.5016 against the euro, weekly high of 0.9797 against the aussie and near a 2-month high of 89.74 against the yen, off its early lows of 1.5065, 0.9842 and 89.38, respectively. The next possible resistance for the loonie is seen around 1.49 against the euro, 0.96 against the aussie and 90.5 against the yen.

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