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Forex News: Canadian Dollar Climbs On Higher Commodity Prices

Canadian Dollar Climbs On Higher Commodity Prices

06/01/2021 - 07:46:00 (RTTNews)

(RTTNews) - The Canadian dollar was higher against its major opponents during the European session on Tuesday, as strong manufacturing surveys across the globe spurred optimism about a faster recovery, triggering a rally in commodities.

China's manufacturing sector expanded at a faster pace in May on robust new orders and production. The Caixin manufacturing Purchasing Managers' Index rose to 52.0 in May, the highest level since December and inching up from 51.9 in April.

Eurozone manufacturing activity expanded at a record pace in May despite supple bottlenecks.

IHS Markit's final Manufacturing Purchasing Managers' Index (PMI) rose to a new record high of 63.1 in May from April's 62.9. This was up from a preliminary reading of 62.8.

Oil prices rose on improved oil demand outlook, led by economic reopenings from coronavirus lockdowns.

Sentiment was also underpinned after the OPEC+ Joint Technical Committee kept its global oil demand forecast steady amid a robust recovery in the U.S. and Europe, and reinforced the view that the market was well-placed to absorb more supply from Iran.

The coalition is expected to ratify a scheduled output increase for July when it meets later today.

The loonie rose to 1.4704 against the euro and 0.9310 against the aussie, after falling to 1.4756 and a 4-day low of 0.9360, respectively in early deals. The loonie may locate resistance around 1.44 against the euro and 0.92 against the aussie.

The loonie approached a 1-week high of 1.2029 against the greenback and a 4-day high of 91.11 against the yen, rising from its previous lows of 1.2066 and 90.71, respectively. The loonie is seen facing resistance around 1.17 against the greenback and 96.00 against the yen.

Looking ahead, Canada GDP data for the first quarter, U.S. ISM manufacturing PMI for May and construction spending for April are set for release in the New York session.

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