Canadian Dollar Rises On Higher Oil Prices
12 February 2018 - 7:08PM
RTTF2
The Canadian dollar advanced against its most major counterparts
in the European session on Monday, as oil prices advanced amid
tensions in Middle East.
Crude for March delivery rose $1.05 to $60.25 per barrel.
Israel shot down an Iranian drone over the weekend and launched
attacks against Iranian site in Syria, from where it launched.
While returning, one of Israel's jets, F-16 fighter was downed by
Syrian forces.
Israeli army has deployed anti-missile systems to the Syrian
border following the move, escalating conflict.
Sentiment remained buoyant on news that lawmakers have managed
to end a brief government shutdown with a bill raising spending
caps and funding the government until March 23rd.
German Chancellor Angela Merkel on Sunday vowed to serve another
full four-year term inspite of criticism with her conservative
party for concessions to forge coalition deal.
The loonie traded mixed against its major rivals in the Asian
session. While it held steady against the aussie and the yen, it
fell against the euro. Against the greenback, it rose.
The loonie bounced off to 86.57 against the yen and 1.5405
against the euro, from its early lows of 86.24 and
1.5441,respectively. If the loonie rises further, 88.00 and 1.52
are possibly seen as its resistance levels against the yen and the
euro, respectively.
The loonie rose back to 1.2557 against the greenback, off its
early low of 1.2597. This is just short of a pip to break its early
4-day high of 1.2556. The next possible resistance for the loonie
is seen around the 1.23 mark.
On the flip side, the loonie dropped to 0.9853 against the
aussie, from a high of 0.9822 hit at 3:00 am ET. The loonie is seen
finding support around the 1.00 region.
Looking ahead, the U.S. monthly budget statement for January is
set for release in the New York session.
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