Canadian Dollar Advances On Higher Oil Prices
21 Enero 2018 - 10:26PM
RTTF2
The Canadian dollar advanced against its major counterparts in
early European deals on Monday, as oil prices rose after Saudi
Arabia's energy minister Khalid Al Falih urged co-operation between
OPEC and non-OPEC producers to extend oil output cuts beyond
2018.
Crude for March delivery rose $0.27 to $63.58 per barrel.
"We shouldn't limit our efforts to 2018 - we need to be talking
about a longer framework of cooperation. I am talking about
extending the framework that we started, which is the declaration
of cooperation, beyond 2018," Falih said in Oman.
Falling drilling activity in the U.S. further supported crude
prices.
Data from energy services firm Baker Hughes showed that U.S. rig
count fell by five to 747 in the week to January 19.
Investors also kept an eye on political developments in Europe
after Germany's Social Democrats voted to enter coalition talks
with Chancellor Angela Merkel's government and French President
Emmanuel Macron said it would be possible for Britain to secure a
bespoke trade deal if the U.K. accepts certain "preconditions".
The loonie rose against its major rivals in the Asian session,
with the exception of the greenback.
The loonie reversed from an early low of 0.9992 against the
aussie, rising to 0.9965. The next possible resistance for the
loonie is seen around the 0.97 area.
The loonie edged up to 88.90 versus yen and 1.5248 against the
euro, off its early 5-day lows of 88.55 and 1.5307, respectively.
If the loonie rises further, it may find resistance around 92.0
against the yen and 1.50 against the euro.
The loonie rose to 1.2464 against the greenback, after having
fallen to 1.2496 at 6:15 pm ET. Continuation of the loonie's
uptrend may see it challenging resistance around the 1.24
region.
Looking ahead, Canada wholesale sales for November are set for
release.
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