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Forex News: Canadian Dollar As Oil Prices Jump After EU

Canadian Dollar As Oil Prices Jump After EU Sanctions

05/31/2022 - 11:52:00 (RTTNews)

(RTTNews) - The Canadian dollar moved up against its major rivals in the New York session on Tuesday, as oil prices rallied after following an agreement to ban Russian oil imports to the European Union by around 90 percent by the end of the year.

The deal will cut off oil imports through the sea, but include a temporary exemption for pipeline oil.

The ban immediately covers more than 2/3 of oil imports from Russia, cutting a huge source of financing for its war machine, European Council President Charles Michel said in a tweet.

The latest package of sanctions also includes removing Russia's Sberbank from the SWIFT messaging system, banning 3 more Russian state-owned broadcasters, and sanctioning individuals responsible for war crimes in Ukraine.

The banning of Russian oil is expected to tighten an already strained crude market.

The loonie firmed to 101.97 against the yen, its highest level since May 5. If the loonie continues its rise, 106.00 is possibly seen as its next resistance level.

The loonie was up against the aussie and the euro, touching a 5-day high of 0.9050 and near a 2-week high of 1.3504, respectively. The next possible resistance for the loonie is seen around 0.88 against the aussie and 1.32 against the euro.

The loonie moved up to 1.2629 against the greenback for the first time since April 22. The loonie is likely to find resistance around the 1.22 level.

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