FOREX TradingCharts.com

Forex News: Canadian Dollar Advances Amid Higher Oil Prices

Canadian Dollar Advances Amid Higher Oil Prices

12/02/2021 - 07:23:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major counterparts in the European session on Thursday amid higher oil prices, as investors focused on a meeting of the Organization of the Petroleum Exporting Countries and its allies to discuss output policy, with speculation growing that it could pause on an increase in output due to the spread of the Omicron variant of coronavirus.

Market participants hope that OPEC+ may pause output hikes as the new variant is affecting demand growth.

The group has added 400,000 barrels of crude per day to the global market since August.

The rapid spread of the new variant and travel curbs across the world is clouding the demand outlook.

U.S. authorities confirmed the first case of the Omicron variant in an individual who had traveled from South Africa recently.

Meanwhile, the World Health Organization said on Wednesday that the current COVID-19 vaccines may offer protection against severe cases of new omicron variant like the other variants.

The loonie touched a 2-day high of 0.9080 against the aussie, compared to yesterday's close of 0.9103. The loonie may find resistance around the 0.89 level.

The loonie edged up to 1.2778 against the greenback from Wednesday's close of 1.2814. If the loonie rises further, 1.25 is likely seen as its next resistance level.

The loonie rose to 88.67 against the yen, from an early near 2-month low of 87.82, and held steady thereafter. At yesterday's close, the pair was worth 87.93.

The loonie gained to 1.4455 against the euro at 2:45 am ET, but it has since retreated to 1.4520. The pair had closed Wednesday's deals at 1.4503.

Looking ahead, the U.S. weekly jobless claims for the week ended November 27 will be featured in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Loonie Falls After Canada Retail Sales (13 hr(s), 40 min(s), 35 sec(s) ago)
(RTTNews) - Canada retail sales for November and new housing price index for December have been re ...Full Story»

Loonie Mixed Ahead Of Canada Retail Sales (13 hr(s), 46 min(s), 34 sec(s) ago)
(RTTNews) - Canada retail sales for November and new housing price index for December are due at 8 ...Full Story»

Pound Falls As U.K. Retail Sales Disappoint, European Stocks Drop (15 hr(s), 01 min(s), 35 sec(s) ago)
(RTTNews) - The pound depreciated against its major counterparts in the European session on Friday ...Full Story»

Australian, NZ Dollars Weaken In Cautious Trade (18 hr(s), 43 min(s), 35 sec(s) ago)
(RTTNews) - The Australian and NZ dollars fell against their major counterparts in the Asian sessi ...Full Story»

Pound Slightly Down After U.K. Retail Sales (20 hr(s), 10 min(s), 34 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics has released UK retail sales ...Full Story»

Pound Mixed Ahead Of U.K. Retail Sales (20 hr(s), 16 min(s), 34 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics releases UK retail sales data ...Full Story»

Euro Falls As Fed Rate Hike Worries Weigh (11 hr(s), 43 min(s), 35 sec(s) ago)
(RTTNews) - The euro depreciated against its major counterparts in the European session on Thursda ...Full Story»

Euro Little Changed After ECB Minutes (14 hr(s), 37 min(s), 34 sec(s) ago)
(RTTNews) - The European Central Bank has released the account of the monetary policy meeting of t ...Full Story»

Search

FOREX NEWS

Loonie Falls After Canada Retail Sales

01/21/2022 - 08:36 AM (RTTNews)
(RTTNews) - Canada retail sales for November and new housing price index for December have been re ...Full Story>>

Loonie Mixed Ahead Of Canada Retail Sales

01/21/2022 - 08:30 AM (RTTNews)
(RTTNews) - Canada retail sales for November and new housing price index for December are due at 8 ...Full Story>>

Pound Falls As U.K. Retail Sales Disappoint, European Stocks Drop

01/21/2022 - 07:17 AM (RTTNews)
(RTTNews) - The pound depreciated against its major counterparts in the European session on Friday ...Full Story>>

Australian, NZ Dollars Weaken In Cautious Trade

01/21/2022 - 03:34 AM (RTTNews)
(RTTNews) - The Australian and NZ dollars fell against their major counterparts in the Asian sessi ...Full Story>>

Pound Slightly Down After U.K. Retail Sales

01/21/2022 - 02:07 AM (RTTNews)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics has released UK retail sales ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.