Canadian Dollar Up On Rising Oil Prices After U.S. Sanctions Against Venezuela
29 Gennaio 2019 - 3:45AM
RTTF2
The Canadian dollar climbed against its major counterparts in
the Asian session on Tuesday, as oil prices rose after the U.S.
government slapped sanctions on Venezuela's state owned company in
order to restrict its crude exports to the U.S.
Crude for March delivery rose $0.15 to $52.16 per barrel.
The sanctions against Venezuela's oil firm PDVSA would block the
regime of President Nicolas Maduro from crude exports, piling
pressure on him to step down.
"As a result of today's action, all property and interests in
property of PdVSA subject to U.S. jurisdiction are blocked, and
U.S. persons are generally prohibited from engaging in transactions
with them," U.S. Department of the Treasury said in a statement
late Monday.
Meanwhile, Asian shares dropped as weak earnings guidance from
heavy equipment maker Caterpillar and chipmaker Nvidia stoked fears
of a slowing Chinese economy.
Worries about renewed U.S.-China tensions also weighed on the
markets after the U.S. Department of Justice unsealed sweeping
criminal charges against Chinese tech giant Huawei and its chief
financial officer Meng Wanzhou.
The loonie appreciated to 1.3246 against the greenback, after
having dropped to 1.3278 at 7:30 pm ET. The loonie is seen finding
resistance around the 1.30 region.
Following a 4-day decline to 82.20 against the yen at 7:45 pm
ET, the loonie reversed direction and advanced to 82.52. The loonie
is poised to target resistance around the 84.5 mark.
The loonie bounced off to 1.5146 against the euro, from its
early low of 1.5172. If the loonie continues its uptrend, 1.50 is
possibly seen as its next resistance level.
On the flip side, the loonie pulled back from an early 4-day
high of 0.9478 against the aussie, with the pair trading at 0.9497.
The pair finished Monday's trading at 0.9501.
Looking ahead, the U.S. wholesale inventories for December,
consumer confidence for January, S&P/Case-Shiller home price
index and advance goods trade data for November are scheduled for
release in the New York session.
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