Forex News: Canadian Dollar Higher Amid Rising Oil Prices

Canadian Dollar Higher Amid Rising Oil Prices

(RTTNews) - The Canadian dollar advanced against its most major counterparts in the New York session on Friday amid a spike in oil prices after Israel launched fresh wave of attacks on Iran.

Israel declared a state of emergency after conducting "pre-emptive" strikes against Iran, targeting its nuclear plant and military sites.

Iran retaliated by launching more than 100 drones toward Israeli territory, which the Israel Defense Forces said they are working to intercept.

The attacks have led the worries about a wider conflict, and the price of crude oil has spiked amid concerns about supply disruptions.

Responding to the news in a post on Truth Social, President Donald Trump urged Iran to reach a nuclear agreement before an escalation of the attacks.

"There has already been great death and destruction, but there is still time to make this slaughter, with the next already planned attacks being even more brutal, come to an end," Trump said.

"Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire," he added. "No more death, no more destruction, JUST DO IT, BEFORE IT IS TOO LATE."

The loonie climbed to an 8-1/2-month high of 1.3566 against the greenback and a 2-day high of 1.5670 against the euro. The currency is seen finding resistance around 1.31 against the greenback and 1.54 against the euro.

The loonie rose to a 2-day high of 106.15 against the yen, from an early 8-day low of 104.79. The currency is poised to challenge resistance around the 108.00 level.

In contrast, the loonie retreated to 0.8849 against the aussie, from an early 1-1/2-month high of 0.8804. The currency may challenge support around the 0.90 level.

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