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Forex News: Canadian Dollar Appreciates Amid Rising Oil Prices

Canadian Dollar Appreciates Amid Rising Oil Prices

05/24/2021 - 09:38:00 (RTTNews)

(RTTNews) - The Canadian dollar firmed against its most major counterparts in the European session on Monday, as oil prices rose with investors focused on progress in talks between the United States and Iran to revive the nuclear deal.

Crude for July delivery rose $1.04 to $64.62 per barrel.

Iran and the UN nuclear watchdog agreed to extend a recently expired monitoring deal by a month in order to resolve remaining differences over the nuclear pact.

The deal would soften the blow of Iran restricting its cooperation with IAEA inspectors, and it granted monitoring of some activities collected through cameras inside the nuclear facilities.

Supply concerns exacerbated amid the storm-like weather conditions in the Gulf of Mexico that could develop into a hurricane in the next 48 hours.

The loonie climbed to 1.2051 against the greenback and 90.37 against the yen, after falling to 1.2085 and 90.10, respectively in prior deals. The currency is seen finding resistance around 1.18 against the greenback and 92.00 against the yen.

The loonie spiked higher to near a 7-month high of 0.9310 against the aussie, following a decline to 0.9340 at 2:15 am ET. The loonie may test resistance around the 0.91 level, if it rises again.

In contrast, the loonie was down against the euro, at 1.4741. The pair had closed last week's deals at 1.4694. The loonie is likely to find support around the 1.50 region.

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