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Forex News: Canadian Dollar Advances As Oil Prices Rise

Canadian Dollar Advances As Oil Prices Rise

10/27/2020 - 05:56:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the European session on Tuesday, on rising oil prices in the wake of strong industrial profit data from China.

Data from the National Bureau of Statistics showed that China's industrial profits increased for the fifth straight month in September.

Industrial profits grew 10.1 percent on a yearly basis but slower than the 19.1 percent increase posted in August. This was the fifth consecutive rise.

A weak dollar also helped lift oil prices. Democratic nominee Joe Biden is holding a steady lead over President Donald Trump in the polls.

Investors hope that Biden is likely to introduce stimulus measures to combat COVID-19 after the elections.

Oil prices received some support after news that some U.S. producers have started cutting production as a hurricane approached the Gulf of Mexico.

The loonie edged up to 1.5562 versus the euro, after falling to 1.5602 at 6:30 pm ET. The loonie is seen finding resistance around the 1.54 mark.

Data from the European Central Bank showed showed that Eurozone money supply grew at a faster pace in September and loans to the private sector logged a steady growth.

The broad monetary aggregate M3 expanded by more-than-expected 10.4 percent on a yearly basis, faster than the 9.5 percent rise in August. Economists had forecast an annual increase of 9.6 percent.

The loonie that ended yesterday's trading at 1.3212 versus the greenback reached as high as 1.3171. The next possible resistance for the loonie is seen around the 1.29 level.

The loonie ticked up to 0.9389 versus the aussie from Monday's closing quote of 0.9411. Next key resistance for the loonie is located around the 0.92 level.

In contrast, the loonie eased off to 79.30 against the yen, from a high of 79.54 set at 3:45 am ET. If the loonie slides further, 78.00 is likely seen as its next support level.

Looking ahead, U.S. durable goods orders for September, consumer confidence index for October and FHFA's house price index and S&P/Case-Shiller home price index for August are scheduled for release in the New York session.

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