Canadian Dollar Climbs On Higher Oil Prices
22 Octubre 2021 - 06:15AM
RTTF2
The Canadian dollar advanced against its most major counterparts
in the European session on Friday, amid a rise in oil prices due to
persistent worries about a tight supply at the U.S. storage hub in
Cushing, Oklahoma.
Crude for December delivery rose $0.84 to $83.34 per barrel.
Crude oil inventories at Cushing have fallen to their lowest
levels since 2018, at 31.2 million barrels, official data showed on
Wednesday.
The currency was further underpinned by easing worries over
property developer China Evergrande, which has made interest
payments worth $83.5 million on dollar bonds before the
deadline.
Data from Statistics Canada showed that Canada retail sales rose
more than expected in August.
Retail sales grew 2.1 percent on a seasonally adjusted monthly
basis in August, after a revised 0.1 percent drop in the previous
month. Economists had expected a rise of 2 percent.
The loonie edged up to 1.2321 against the greenback, from a low
of 1.2375 seen at 8:45 pm ET. The loonie may test resistance around
the 1.19 level, if it rises again.
The loonie climbed to a 4-day high of 1.4330 against the euro
from Thursday's close of 1.4366. Next key resistance for the loonie
is seen around the 1.42 level.
Flash survey results from IHS Markit showed that Eurozone
private sector growth eased sharply to a six-month low in October
amid rising supply bottlenecks and COVID-19 concerns.
The composite output index dropped to 54.3 in October from 56.2
in September. The reading was expected to fall to 55.2.
The loonie bounced off to 0.9235 against the aussie, from a low
of 0.9263 seen at 6:15 am ET. The currency is seen finding
resistance around the 0.90 level.
In contrast, the loonie fell to 91.94 against the yen, after
rising to 92.49 at 9:30 pm ET. The next possible support for the
loonie is seen around the 89 level.
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