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Forex News: Canadian Dollar Climbs On Rising Oil Prices

Canadian Dollar Climbs On Rising Oil Prices

03/23/2018 - 05:37:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked up against its most major counterparts in early European deals on Friday, as oil prices climbed after Saudi Arabian Energy Minister Khalid al-Falih's remarks that the ongoing output cuts are required to be extended into 2019 to contain supply glut.

Crude for May delivery rose $0.52 to $64.82 per barrel.

"We still have some time to go before we bring inventories down to the level we consider normal and we will identify that by mid-year when we meet in Vienna," Falih said in Washington.

"And then we will hopefully by year-end identify the mechanism by which we will work in 2019."

The deal between the OPEC and other non-OPC producers to comply with production cuts would expire at the end of 2018.

That said, the currency's gains were limited on risk aversion, as U.S. President Donald Trump announced tariffs on at least $50 billion worth of Chinese imports and China said it would impose tariffs on up to $3 billion worth of U.S. goods in retaliation, sparking fears of a global trade war.

The loonie advanced to 1.2895 against the greenback and 1.5888 against the euro, from its early lows of 1.2940 and 1.5943, respectively. If the loonie rises further, 1.26 and 1.56 are likely seen as its next resistance levels against the greenback and the euro, respectively.

The loonie rose to 81.50 against the yen, off its early 4-day low of 80.91. The next possible resistance for the loonie is seen around the 84.00 level.

On the flip side, the loonie weakened to 0.9976 against the aussie, from Thursday's closing value of 0.9954. The loonie is seen finding support around the 1.01 region.

Looking ahead, Atlanta Fed President Raphael Bostic speaks about the economic outlook at the Knoxville Economics Forum at 8:10 am ET.

At 8:30 am ET, the Bank of England member Gertjan Vlieghe speaks at the Birmingham Chamber of Commerce.

In the New York session, Canada CPI for February and retail sales for January, as well as U.S. durable goods orders and new home sales for February are scheduled for release.

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