Canadian Dollar Advances On Rising Oil Prices
21 Giugno 2022 - 6:13AM
RTTF2
The Canadian dollar was higher against its major counterparts in
the Asian session on Tuesday, as tight oil supplies lifted oil
prices.
Crude for August delivery rose $1.82 to 109.81 per barrel.
Russia's production is likely to drop following the European
Union's agreement to ban most of its oil imports, but demand will
remain high due to the post-pandemic recovery.
U.S. Treasury Secretary Janet Yellen said on Monday that the
Biden administration is discussing about price caps or a price
exception to enhance energy restrictions on Russia, which would
push down its oil prices and depress Putin's revenues.
Investors looked forward to the testimony from Fed Chairman
Jerome Powell for more signals on the central bank's commitment to
bring inflation back to the 2 percent target.
Asian stock markets are trading mostly higher, following the
positive cues from European markets overnight, with traders picking
up stocks at a bargain after the recent sell-off in global
markets.
The loonie advanced to 5-day highs of 0.8996 against the aussie
and 1.2911 against the greenback, off its early lows of 0.9055 and
1.2986, respectively. The loonie is seen finding resistance around
0.87 against the aussie and 1.25 against the greenback.
The loonie appreciated to a 1-week high of 104.70 against the
yen and a 4-day high of 1.3613 against the euro, coming off from
its prior lows of 103.92 and 1.3662, respectively. The next
possible resistance for the loonie is seen around 106.5 against the
yen and 1.34 against the euro.
Looking ahead, Canada new housing price index for May and retail
sales for April and U.S. existing home sales for May will be
featured in the New York session.
Grafico Cross Euro vs CAD (FX:EURCAD)
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Grafico Cross Euro vs CAD (FX:EURCAD)
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