Forex News: Canadian Dollar Rises As Crude Oil Prices Advance

Canadian Dollar Rises As Crude Oil Prices Advance

(RTTNews) - The Canadian dollar strengthened against other major currencies in the European session on Tuesday, as the crude oil held on to a four-day rally to hit over one-week high amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies.

Brent crude futures jumped more than 2 percent to $89.86 a barrel due to lingering uncertainty over when the Strait of Hormuz may reopen. WTI crude futures were up 2.8 percent at $84.41.

Supply concerns intensified amid growing doubts over a near-term agreement to reopen the Strait of Hormuz.

Iran said a pact with Oman to establish a shipping route through the critical waterway was "very close," while rejecting direct negotiations with Washington until several conditions are met.

U.S. President Donald Trump said the U.S. is semi-negotiating with Iran and wants Iran to remain under economic pressure.

In the European trading today, the Canadian dollar rose to near 2-week highs of 114.39 against the yen, 1.6090 against the euro and 0.9810 against the Australian dollar, from early lows of 114.10, 1.6067 and 0.9838, respectively. If the loonie extends its uptrend, it is likely to find resistance around 116.00 against the yen, 1.59 against the euro and 0.97 against the aussie.

Against the U.S. dollar, the loonie advanced to 1.3928 from an early low of 1.3946. The loonie may test resistance near the 1.38 region.

Looking ahead, U.S. ADP weekly employment data, U.S. Redbook report and U.S. existing home sales for July are slated for release in the New York session.

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