Forex News: Canadian Dollar Rises As Crude Oil Prices Climb

Canadian Dollar Rises As Crude Oil Prices Climb

(RTTNews) - The Canadian dollar strengthened against other major currencies in the Asian session on Monday, as the crude oil prices climbed after the military attacks between Iran and the United States over the weekend.

The Brent Crude Oil increased 4.46 percent, reaching $79.40 per barrel.

The renewed geopolitical tension in the Middle East after reports of U.S.-Iran airstrikes and Tehran's closure of the critical Strait of Hormuz, raised global inflationary pressures amid spiking crude oil prices. The latest escalation also delays the broader resolution to the conflict.

The US and Iran exchanged fresh missile strikes over the weekend amid the ongoing dispute on the control over the Strait of Hormuz, while conflicting claims over the status of the Strait of Hormuz heightened uncertainty.

In the Asian trading today, the Canadian dollar rose to a 5-day high of 0.9808 against the Australian dollar and more than a 2-week high of 1.6136 against the euro, from last week's closing quotes of 0.9842 and 1.6158, respectively. If the loonie extends its uptrend, it is likely to find resistance around 0.96 against the aussie and 1.60 against the euro.

Against the U.S. dollar and the yen, the loonie edged up to 1.4151 and 114.48 from early lows of 1.4175 and 114.27, respectively. The loonie may test resistance around 1.39 against the greenback and 116.00 against the yen.

Looking ahead, U.S. budget statement for June is slated for release in the New York session.

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