Canadian Dollar Strengthens As Oil Prices Rally
14 Febbraio 2020 - 08:48AM
RTTF2
The Canadian dollar drifted higher against its major opponents
the European trading session on Friday, as oil prices rallied on
hopes that the Organization of the Petroleum Exporting Countries
and its allies could agree further output cuts when they next meet,
possibly as early as this month.
Benchmark Brent crude for March delivery rose $0.70 to $52.12
per barrel.
Media reports showed that OPEC and its allied producers are
considering cutting output by up to 2.3 million barrels per day
after oil demand in China plunged because of travel restrictions to
and from the country and quarantines within it.
Concerns over the coronavirus outbreak receded somewhat after
the World Health Organization said there was no major shift in the
coronavirus's pattern of mortality or severity, despite a dramatic
increase in Hubei province.
On the trade front, the United States and China have lowered
tariffs on each other's goods today as part of the "Phase One"
trade agreement.
The currency has been trading in a positive territory in the
Asian session, except the aussie.
The loonie edged up to 82.96 against the yen, following a fall
to 82.70 at 6:30 pm ET. The loonie is likely to face resistance
around the 85.00 region, if it gains again.
Data from the Ministry of Economy, Trade and Industry showed
that Japan's tertiary industry activity declined unexpectedly in
December.
The tertiary industry activity index fell 0.2 percent
month-on-month in December. Economists had forecast a 0.1 percent
rise.
The loonie spiked up to a 2-day high of 1.3238 against the
greenback, from yesterday's closing value of 1.3267. The loonie is
seen finding resistance around the 1.30 mark.
The Canadian currency hit 1.4351 against the euro, its highest
since April 2017. Immediate resistance for the currency is likely
seen around the 1.42 level.
Preliminary figures from Destatis showed that German economy
stagnated in the fourth quarter of 2019 amid slower consumption and
weaker exports.
Gross domestic product was unchanged from the previous quarter
on a seasonally and calendar-adjusted basis. Economists had
forecast 0.1 percent growth.
The loonie that closed Thursday's trading session at 0.8915
against the aussie climbed to a 4-day high of 0.8889. On the
upside, the resistance is located at the 0.87 level.
Looking ahead, U.S. business inventories for December,
University of Michigan's preliminary consumer sentiment index for
February, retail sales, import and export prices and industrial
production, all for January, will be featured in the New York
session.
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