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Forex News: Canadian Dollar Appreciates On Higher Oil Prices

Canadian Dollar Appreciates On Higher Oil Prices

05/31/2021 - 07:33:00 (RTTNews)

(RTTNews) - The Canadian dollar rose against its most major rivals in the European session on Monday, as oil prices climbed on hopes for strong demand growth in the next quarter, despite the possible return of Iranian crude and condensate exports.

Crude for July delivery rose $0.68 to $67.00 per barrel.

As concerns over mobility restrictions ease and the vaccination drive picks up pace, analysts see demand outstripping supply in the west.

The U.S. is on track to reach a target calling for 70 percent of adults to have received at least one dose of a COVID-19 vaccine by July 4, according to the Centers for Disease Control and Prevention (CDC).

The Organization of the Petroleum Exporting Countries and their allies including Russia will meet on Tuesday, with producers expected to discuss easing production curbs against the prospect of Iranian oil coming back to the market.

The loonie edged up to 1.4700 against the euro and 1.2061 against the greenback, from its prior lows of 1.4736 and 1.2087, respectively. If the loonie extends rise, 1.45 and 1.18 are possibly seen as its next resistance levels against the euro and the greenback, respectively.

The loonie rebounded to 90.96 against the yen, from an Asian session's low of 90.78. On the upside, 92.00 is possibly seen as its next resistance level.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales dropped a seasonally adjusted 4.5 percent on month in April - coming in at 12.200 trillion yen.

That missed expectations for a gain of 2.0 percent following the 1.2 percent increase in March.

In contrast, the loonie fell to 0.9342 against the aussie, compared to last week's close of 0.9304. The loonie is seen finding support around the 0.96 region.

Data from the Reserve Bank of Australia showed that Australia private sector credit rose 0.2 percent on month in April - slowing from the 1.0 percent gain in March.

On a yearly basis, credit gained 1.3 percent, accelerating from 0.4 percent in the previous month.

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