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Forex News: Canadian Dollar Firms On Higher Oil Prices

Canadian Dollar Firms On Higher Oil Prices

06/03/2019 - 09:04:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its most major counterparts in the European session on Monday, as oil prices rebounded following remarks from Saudi minister indicating willingness to help sustain market stability beyond June.

Crude for July delivery rose $0.91 to $54.41 per barrel.

OPEC and its partners are working to arrive a consensus to sustain oil market stability in the second half of the year, Arab News newspaper reported Saudi Energy Minister Khalid al-Falih as saying.

"We will do what is needed to sustain market stability beyond June. To me, that means drawing down inventories from their currently elevated levels," Falih said.

The oil suffered steep sell-off last week as global growth worries weakened the demand outlook.

The currency traded mixed against its major counterparts in the Asian session. While it rose against the greenback and the yen, it held steady against the euro. Against the aussie, it dropped.

The loonie appreciated to a 4-day high of 1.3487 versus the greenback, compared to Friday's closing value of 1.3516. Next key resistance for the loonie is seen around the 1.32 level.

The loonie edged up to 80.35 against the yen, from a 4-month low of 79.97 seen at 6:30 pm ET. The loonie is seen finding resistance around the 81.5 region.

The latest survey from Nikkei showed that Japan manufacturing sector fell into contraction in May, with a manufacturing PMI score of 49.8.

That's down from 50.2 in April, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.

The loonie pared its losses to 1.5084 against the euro, from an early low of 1.5113. If the loonie rises further, 1.48 is possibly seen as its next resistance level.

Survey data from IHS Markit showed that Eurozone manufacturing activity remained in contraction territory in May.

The factory PMI fell to 47.7 from 47.9 in April.

On the flip side, the loonie declined to a 3-week low of 0.9396 against the aussie from last week's closing value of 0.9374. The loonie is poised to test support around the 0.95 mark.

Looking ahead, U.S. ISM manufacturing index for May and construction spending for April are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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