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Forex News: Canadian Dollar Higher Against Majors; Canada Jobs Data

Canadian Dollar Higher Against Majors; Canada Jobs Data Due

10/09/2020 - 05:17:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its major counterparts in the European session on Friday, as oil prices rose due to production cuts in the North Sea because of a strike by Norwegian oil workers.

Norwegian oil company and labour officials are meeting with a state-appointed mediator to try to find a resolution.

Six offshore oil and gas fields were closed on Monday and an additional seven are likely to halt operations in the coming days.

The outage from the ongoing strike in Norway's oil and gas industry will grow to 966,000 barrels of oil equivalent per day by October 14.

The dispute has helped lift oil prices this week.

Canadian jobs data is due later in the day.

The loonie climbed to more than a 4-week high of 1.5506 against the euro and more than a 3-week high of 80.46 against the yen, after dropping to 1.5533 and 80.23, respectively in early deals. The next possible resistance for the loonie is seen near 1.52 against the euro and 82.5 against the yen.

The loonie registered a 3-week high of 1.3162 against the greenback, up from a low of 1.3198 seen at 5:45 pm ET. On the upside, 1.29 is possibly seen as its next resistance level.

The loonie rebounded to 0.9457 against the aussie, from a low of 0.9475 set at 11:00 pm ET. If the loonie rises further, 0.92 is seen as its next resistance level.

Data from the Australian Bureau of Statistics showed that Australia home loans rose a seasonally adjusted 13.6 percent on month in August - coming in at A$16.28 billion.

That was in line with expectations following the 10.7 percent increase in July.

Looking ahead, Canada jobs data for September and U.S. wholesale inventories for August will be released in the New York session.

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