Canadian Dollar Advances On Higher Oil Prices
28 Noviembre 2023 - 2:49AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the European session on Tuesday, as oil prices rose on hopes
that OPEC+ may deepen and extend output cuts into next year.
Crude for January delivery rose $0.26 to 75.12 per barrel.
The Organization of the Petroleum Exporting Countries and
allies, including Russia, a group known as OPEC+, will hold an
online ministerial meeting on Thursday to discuss supply
policy.
Market participants expect a deeper cut amid concerns over
softer global demand.
Investors awaited speeches from Fed officials for clues on the
interest rate path, particularly the possible timing of a rate
cut.
Personal consumption expenditure data, seen as the Fed's
preferred inflation gauge, is due on Thursday.
The loonie firmed to a 1-1/2-month high of 1.3573 against the
greenback and near a 2-week high of 1.4867 against the euro, off
its early lows of 1.3620 and 1.4919, respectively. The loonie may
test resistance around 1.33 against the greenback and 1.46 against
the euro.
The loonie touched 109.48 against the yen and 0.8974 against the
aussie, up from an early 6-day low of 108.79 and a 1-week low of
0.9019, respectively. The loonie is seen finding resistance around
113.00 against the yen and 0.865 against the aussie.
Looking ahead, U.S. consumer confidence index for November and
FHFA's house price index and S&P/Case-Shiller home price index
for September will be featured in the New York session.
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