Canadian Dollar Climbs As Oil Prices Rally
05 Diciembre 2016 - 03:36AM
RTTF2
The Canadian dollar advanced against most major counterparts in
the European session on Monday, as oil prices climbed, with last
week's landmark decision by the OPEC to cap oil production raising
hopes for tightened oil markets.
Crude for January delivery rose $0.46 to $52.14 per barrel.
Investors now focus on the upcoming meeting between OPEC &
non-OPEC countries on December 10 in Vienna, where the nations
would finalize the details on the output cuts.
Starting from January, OPEC nations are expected to reduce the
output by around 1.2 million barrels per day and non-OPEC countries
would contribute another 600,000 barrels per day to the cuts.
The currency was underpinned by rising European shares, as
investors appeared to shrug off the result of the Italian
referendum and subsequent resignation of Prime Minister Matteo
Renzi.
The currency was lower against its major counterparts in the
Asian session, with the exception of the euro.
The loonie climbed to a 7-1/2-month high of 86.06 against the
yen, off its early 5-day low of 84.59.The loonie is likely to
locate resistance around the 88.00 mark.
Survey figures from Cabinet Office showed that Japan's consumer
confidence declined for the second straight month in November to
the weakest level in six months.
The seasonally adjusted consumer confidence index fell to 40.9
in November from 42.3 in the previous month. In September, the
reading was 43.0.
The loonie, having fallen to a 4-day low of 1.3357 against the
greenback at 6:15 pm ET, reversed direction and advanced to 1.3274.
If the loonie extends rise, 1.30 is possibly seen as its next
resistance level.
The loonie was trading at 0.9889 against the aussie, reversing
from an early 5-day low of 0.9939. Further gains may take the
loonie to a resistance near the 0.97 region.
On the flip side, the loonie held steady against the euro,
following a 5-day low of 1.4271 hit at 7:05 am ET. This may be
compared to the Asian session more than 1-year high of 1.4027.
Survey results from IHS Markit showed that the euro area private
sector expanded at the fastest pace in 11 months in November but
the pace of growth was slightly weaker than initially
estimated.
The final composite output index rose less-than-estimated to
53.9 in November from 53.3 in October. The flash score was
54.1.
Looking ahead, Markit's U.S. final services PMI, ISM
non-manufacturing composite index and labor market conditions index
for November are due in the New York session.
The Federal Reserve Bank of St. Louis President James Bullard
will speak about the US economic outlook at the Arizona State
University's annual economic forecast luncheon in Phoenix at 2:05
pm ET.
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