Canadian Dollar Advances As Oil Prices Rise
27 Octubre 2020 - 11:55PM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the European session on Tuesday, on rising oil prices in the
wake of strong industrial profit data from China.
Data from the National Bureau of Statistics showed that China's
industrial profits increased for the fifth straight month in
September.
Industrial profits grew 10.1 percent on a yearly basis but
slower than the 19.1 percent increase posted in August. This was
the fifth consecutive rise.
A weak dollar also helped lift oil prices. Democratic nominee
Joe Biden is holding a steady lead over President Donald Trump in
the polls.
Investors hope that Biden is likely to introduce stimulus
measures to combat COVID-19 after the elections.
Oil prices received some support after news that some U.S.
producers have started cutting production as a hurricane approached
the Gulf of Mexico.
The loonie edged up to 1.5562 versus the euro, after falling to
1.5602 at 6:30 pm ET. The loonie is seen finding resistance around
the 1.54 mark.
Data from the European Central Bank showed showed that Eurozone
money supply grew at a faster pace in September and loans to the
private sector logged a steady growth.
The broad monetary aggregate M3 expanded by more-than-expected
10.4 percent on a yearly basis, faster than the 9.5 percent rise in
August. Economists had forecast an annual increase of 9.6
percent.
The loonie that ended yesterday's trading at 1.3212 versus the
greenback reached as high as 1.3171. The next possible resistance
for the loonie is seen around the 1.29 level.
The loonie ticked up to 0.9389 versus the aussie from Monday's
closing quote of 0.9411. Next key resistance for the loonie is
located around the 0.92 level.
In contrast, the loonie eased off to 79.30 against the yen, from
a high of 79.54 set at 3:45 am ET. If the loonie slides further,
78.00 is likely seen as its next support level.
Looking ahead, U.S. durable goods orders for September, consumer
confidence index for October and FHFA's house price index and
S&P/Case-Shiller home price index for August are scheduled for
release in the New York session.
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