Canadian Dollar Climbs Amid Rising Oil Prices
02 October 2015 - 2:43PM
RTTF2
The Canadian dollar drifted higher against most major rivals in
European deals on Friday, as oil prices rebounded ahead of U.S.
jobs data for September later in the day, while air strikes in
Syria weighed.
Crude for November delivery rose $0.70 to $45.44 a barrel.
The U.S. Labor Department report is expected to show an increase
of about 203,000 jobs in September following the addition of
173,000 jobs in August. The rate of unemployment is expected to
remain at 5.1 percent.
The jobs data is likely to offer more clues about the strength
of labour, as well as a potential rate hike in U.S.
In Syria, U.S. and Russia are conducting air strikes, with the
White House alleging Russian interference as "indiscriminate." Iran
officially announced its support for the Russian military campaign
in Syria with the foreign ministry saying Moscow is "fighting
terrorism" there. French President Francois Hollande will meet his
Russian counterpart, Vladimir Putin, in Paris today.
The currency has been trading in a positive territory in the
Asian session.
In early European deals, the loonie edged up to 1.3225 against
the greenback, up by 0.31 percent from Thursday's closing value of
1.3266. The loonie is likely to target 1.30 as next resistance
level.
The loonie appreciated by 0.55 percent to a weekly high of 90.84
versus the yen, compared to 90.37 hit late New York Thursday. If
the loonie continues rise, it may locate resistance around the
92.00 region.
The loonie advanced to a session's high of 1.4762 against the
euro, from yesterday's closing value of 1.4850. The loonie is seen
finding resistance around the 1.46 mark.
On the flip side, the loonie reversed from an early 8-day high
of 0.9283 against the aussie, easing to 0.9329 around 2:30 am ET.
The pair was steady since then.
Looking ahead, Eurozone PPI for August is due to be released
shortly.
In the New York session, U.S. jobs data for September and
factory orders for August are slated for release.
At 8:45 am ET, Federal Reserve Bank of Philadelphia President
Patrick Harker is scheduled to give opening remarks before the "New
Perspectives on Consumer Behavior in Credit and Payments Markets"
conference hosted by the Federal Reserve Bank of Philadelphia.
Half-an-hour later, Federal Reserve Bank of St. Louis President
James Bullard is expected to speak on the economy and monetary
policy before a Shadow Open Market Committee meeting hosted by the
Manhattan Institute for Policy Research, in New York.
At 1:30 pm ET, Federal Reserve Bank of Boston President Eric
Rosengren will give welcome and opening remarks before the "Macro
Prudential Monetary Policy" conference hosted by the Federal
Reserve Bank of Boston. Additionally, Federal Reserve Governor
Stanley Fischer is expected to speak at the conference.
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