Canadian Dollar Rises As Crude Oil Prices Spike
20 Junio 2024 - 10:03PM
RTTF2
The Canadian dollar strengthened against other major currencies
in the Asian session on Friday, as crude oil prices rose after data
showed the crude inventories in the U.S. fell slightly more than
expected last week.
Data from the Energy Information Administration showed that the
U.S. crude inventories declined by 2.5 million barrels last
week.
West Texas Intermediate Crude oil futures for July ended higher
by $0.60 at $82.17 a barrel.
Investors digest mixed economic data from the region and the
U.S. Optimism about an interest rate cut by the U.S. Fed this year
helped keep investor sentiment somewhat positive, but rising
geopolitical tensions in Europe and the Middle East weighed on the
markets.
In the Asian trading today, the Canadian dollar rose to a 2-week
high of 1.3674 against the U.S. dollar and nearly a 2-month high of
116.25 against the yen, from yesterday's closing quotes of 1.3687
and 116.06, respectively. The loonie is likely to find resistance
around 1.35 against the greenback and 116.06 against the yen.
Against the euro and the Australian dollar, the loonie advanced
to 1.4649 and 0.9110 from Thursday's closing quotes of 1.4645 and
0.9107, respectively. If the loonie extends its uptrend, it is
likely to find resistance around 1.45 against the euro and 0.90
against the aussie.
Looking ahead, flash PMI reports for June from various European
economies and U.K. are due to be released in the European
session.
In the New York session, Canada retail sales data for April, raw
material prices for May, U.S. S&P Global flash manufacturing
PMI for June, U.S. Consumer Board's leading index for May, U.S.
existing homes sales for May and U.S. EIA baker Hughes oil rig
count data are slated for release.
AUD vs CAD (FX:AUDCAD)
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