Forex News: Canadian Dollar Rises As Crude Oil Price Soars

Canadian Dollar Rises As Crude Oil Price Soars

(RTTNews) - The Canadian dollar strengthened against other major currencies in the Asian session on Friday, as crude oil prices has surged amid concerns of supply disruptions continue despite upcoming peace talks between the U.S. and Iran to end the month-long gulf war.

WTI Crude Oil for May month delivery was last seen trading up by $3.45 (or 3.78%) at $94.74 per barrel.

In the conflict between the U.S., Israel and Iran that started on February 28, a two-week ceasefire was agreed by both nations last week which ends on April 22. There is optimism about a second round of peace talks between the U.S. and Iran.

Meanwhile, traders remain cautiously optimistic on hopes for an end to hostilities in the Middle East. Concerns remain about the fragility of any settlement as Tehran seems to be adamant with their nuclear program.

U.S. President Donald Trump said Tehran had agreed to terms including abandoning ambitions for a nuclear weapon, although Iranian officials have yet to verify these claims.

Adding to the positive sentiment, President Donald Trump announced in a post on Truth Social that Israel and Lebanon have agreed to a 10-day ceasefire.

The ongoing complete blockade on Iranian ports across the Strait of Hormuz by the U.S. naval forces with an aim to cripple Iranian oil exports has accelerated crude oil and energy supply concerns, keeping energy prices volatile.

In the Asian trading today, the Canadian dollar rose to a 1-month high of 116.60 against the yen and a 9-day high of 1.6112 against the euro, from yesterday's closing quotes of 116.20 and 1.6141, respectively. If the loonie extends its uptrend, it is likely to find resistance around 118.00 against the yen and 1.59 against the euro.

Against the U.S. and the Australian dollars, the loonie advanced to nearly a 4-week high of 1.3680 and a 2-day high of 0.9801 from Thursday's closing quotes of 1.3704 and 0.9808, respectively. On the upside, 1.35 against the greenback and 0.96 against the aussie are seen as the next resistance levels for the loonie.

Looking ahead, Canada housing starts for March, and U.S. Baker Hughes oil rig count data are slated for release.

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