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Forex News: Canadian Dollar Advances As Oil Extends Gains

Canadian Dollar Advances As Oil Extends Gains

03/26/2024 - 10:18:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the European session on Tuesday, as oil prices held Monday's gains as heightened geopolitical tensions exacerbated supply concerns.

Russian President Vladimir Putin has publicly acknowledged that "radical Islamists" were behind the recent attack on a concert hall outside Moscow.

At the same time, Putin also suggested a potential involvement of Ukraine in the incident, which occurred on March 22 at Crocus City Hall.

Elsewhere, Israeli Prime Minister Benjamin Netanyahu has cancelled a trip to Washington by an Israeli delegation of top officials after the U.S. abstained from a vote at the United Nations Security Council calling for a Gaza cease-fire.

As the conflict in Gaza enters its sixth month, both Israel and Hamas have rejected the most recent attempts by international mediators to stop the carnage.

The Yemen-based Houthi militants have warned Saudi Arabia that it would be a target if it provides aid and support to the US-British aggression against the group.

The warning comes amid increased attacks against vessels in the Red Sea claimed by the Iran-backed group in support of Palestinians.

The loonie climbed to 4-day highs of 1.3553 against the greenback and 111.73 against the yen, off its early lows of 1.3590 and 111.31, respectively. The currency is seen facing resistance around 1.32 against the greenback and 114.00 against the yen.

The loonie rose to 1.4706 against the euro and 0.8873 against the aussie, from its early 5-day lows of 1.4738 and 0.8898, respectively. The loonie is likely to locate resistance around 1.44 against the euro and 0.86 against the aussie.

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