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Forex News: Canadian Dollar Strengthens Amid Higher Oil Prices

Canadian Dollar Strengthens Amid Higher Oil Prices

01/11/2017 - 06:36:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its most major counterparts in the European session on Wednesday, as oil price rose amid reports that Saudi Arabia has cut oil supplies to refiners in India and Southeast Asia, in accordance with the OPEC agreement reached last year.

Crude for February delivery rose $0.43 to $51.25 per barrel.

The loonie was trading higher at 1.3230 against the greenback , up from an early low of 1.3254.

The loonie advanced to a 2-day high of 87.97 versus the Japanese yen and a weekly high of 1.3907 against the euro, off its previous lows of 87.37 and 1.3990, respectively.

The loonie is likely to find resistance around 1.315 against the greenback, 90.5 against the yen and 1.37 against the euro.

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