Canadian Dollar Extends Gain As Oil Prices Rise
27 April 2015 - 4:34PM
RTTF2
The Canadian dollar extended rise against its major rivals in
New York deals on Monday, as oil prices advanced on ongoing
conflict in Yemen, as well as due to continued decline in U.S. rig
counts.
Crude for June delivery rose $0.21 to $57.36 per barrel.
Saudi Arabia's coalition forces continued bombing inside Yemen,
with a series of air strikes reported around the rebel-held
capital, presidential palace and several other provinces. Taiz,
Yemen's third-largest city, witnessed severe clashes on Monday,
killing around 20 civilians.
The total number of U.S. rigs actively drilling for oil fell by
31 to 703 in the latest week, the lowest level since October 2010,
data from Baker Hughes showed on Friday. The data is seen as an
indication that U.S. crude production may be slowing, eroding fears
of supply glut.
Traders await a 2-day meeting of the U.S. Federal Reserve this
week, at which no change in monetary policy stance is expected. The
accompanying statement will be closely watched for more clues about
timing of the Fed's interest rate hike.
The loonie edged up to 98.58 against the yen and 1.2107 against
the greenback, off early multi-day lows of 97.46 and 1.2194,
respectively. The loonie may possibly find resistance around 99.00
against the yen and 1.20 against the greenback.
The loonie was trading higher at 0.9475 against the aussie, off
early 5-day low of 0.9539. The loonie is likely to find resistance
around the 0.93 zone. The pair closed last week's deals at
0.9524.
Reversing from an early low of 1.3241 against the euro, the
loonie advanced to 1.3149. If the loonie continues rise, 1.30 is
likely as its next resistance level. The euro-loonie pair was
valued at 1.3239 when it closed Friday's deals.
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