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Forex News: Canadian Dollar Rises On Higher Oil Prices

Canadian Dollar Rises On Higher Oil Prices

04/02/2018 - 09:49:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the European session on Monday, as oil prices rose on falling drilling activity in the U.S. as well as in the wake of a weaker dollar amid renewed trade war fears between the U.S. and China.

Crude for May delivery rose $0.01 to $64.95 per barrel.

Data from energy services firm Baker Hughes showed last week that the U.S. oil rig count dropped by 7 to 797 in the week to March 29.

The data is a closely-watched indicator for future oil production in the United States.

Further underpinning the oil prices were a weaker dollar, as the imposition of new tariffs by China on U.S imports stoked worries over a trade war.

Hopes that Washington could re-introduce sanctions against Iran also propped up oil. Trump's appointment of Iran hawks Mike Pompeo and John Bolton triggered fears over U.S. reimposing sanctions against the nation, thereby cutting supplies from the region.

The currency has been trading in a positive territory in the Asian session.

The loonie firmed to a 4-day highs of 82.67 versus the yen and a 5-day high of 0.9876 against the aussie, from its early lows of 82.32 and 0.9922, respectively. The next possible resistance for the loonie is seen around 84.00 versus the yen and 0.96 against the aussie.

Reversing from an early low of 1.2898 against the greenback, the loonie edged up to 1.2863. The loonie is likely to find resistance around the 1.27 level.

The loonie edged up to 1.5866 against the euro, off its prior low of 1.5895. If the loonie rises further, 1.56 is possibly seen as its next resistance level.

Looking ahead, U.S. construction spending for February, Markit's manufacturing PMI and ISM manufacturing index for March are due in the New York session.

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