The Canadian dollar strengthened against its most major counterparts in the European session on Tuesday, as oil prices rose after the U.S. drug regulator granted full approval to the Pfizer/BioNTech SE COVID-19 vaccine, helping increase hopes for higher fuel demand.

Crude for November delivery rose $0.88 to $69.25 per barrel.

The full FDA approval of Pfizer's COVID-19 vaccine is expected to boost economic recovery and spur demand for fuel.

Speaking from the White House, U.S. President Biden called the approval a key milestone in the nation's fight against COVID. He stressed that inoculation saves lives and that those awaiting final FDA approval no longer have a reason to delay.

A call by China's central bank for more economic support and signs of falling COVID-19 infections in China and India also added to optimism over global growth.

Investors now await U.S. crude oil supply data from the American Petroleum Institute, due later in the day for further direction.

The loonie advanced to a 6-day high of 1.2609 against the greenback from yesterday's close of 1.2643. If the loonie rises further, 1.25 is likely seen as its next resistance level.

The loonie was up against the euro, at a 6-day high of 1.4800. The next possible resistance for the loonie is seen around the 1.47 level.

The loonie hit a 6-day high of 87.10 against the yen, compared to yesterday's close of 86.63. The loonie is seen facing resistance around the 88.00 mark.

The loonie held steady against the aussie, after a brief recovery to 0.9123 at 2:45 am ET. This may be compared to a 15-month high of 0.9111 seen at 5 pm ET.

Looking ahead, U.S. new home sales for July will be featured in the New York session.

Euro vs CAD (FX:EURCAD)
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Euro vs CAD (FX:EURCAD)
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