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Forex News: Canadian Dollar Rises Amid Higher Oil Prices

Canadian Dollar Rises Amid Higher Oil Prices

05/26/2022 - 11:59:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major rivals in the New York session on Thursday, amid a rally in oil prices on concerns over tight supply as the U.S. summer driving season is set to begin.

Crude for August delivery rose $2.22 to 113.34 per barrel.

Data from the Energy Information Administration showed that U.S. oil stockpiles fell more than expected last week.

Crude oil inventories fell by 1.019 million barrels last week, higher than expectations for a drop of 0.737 million barrels.

Data from Statistics Canada showed that Canada retail sales were virtually unchanged in March.

On a seasonally adjusted monthly basis, retail sales were flat in March following the downwardly revised 0.2 percent rise in February. Economists were looking for a gain of 1.4 percent.

The loonie rebounded to 1.3690 against the euro, from a low of 1.3749 logged at 6:45 am ET. On the upside, 1.34 is possibly seen as the next resistance level.

The loonie was up against the yen, at a 2-day high of 99.64. The loonie is likely to challenge resistance around the 103.00 level.

The loonie touched 2-day highs of 1.2777 against the greenback and 0.9042 against the aussie, rising from its prior lows of 1.2849 and 0.9103, respectively. If the loonie rises further, 1.25 and 0.89 are likely seen as its next resistance levels against the greenback and the aussie, respectively.

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