Canadian Dollar Advances Amid Rising Oil Prices
23 Avril 2015 - 3:51PM
RTTF2
The Canadian dollar strengthened against most major rivals in
European deals on Thursday, as oil prices advanced after Saudi
Arabia resumed fresh air strikes targeting Iran-allied Houthi
rebels in Yemen.
Crude for June delivery rose $0.27 to $56.42 per barrel.
The air strikes hit Houthi militant positions in three parts of
Sanaa, destroying all three military compounds that were targeted.
The attacks come despite Saudi's announcement earlier this week
that the coalition would end their military campaign in Yemen.
Meanwhile, evidence of record U.S. crude supplies did little to
change oil prices.
U.S. crude-oil stockpiles last week rose by 5.3 million barrels
to 489 million barrels, the highest since 1982, the U.S. Energy
Information Administration said Wednesday.
The loonie was trading mixed in the Asian session. While the
loonie fell against the yen, it held steady against the greenback.
Against the aussie and the euro, the loonie climbed.
The loonie edged up to 1.2213 against the greenback, off early
low of 1.2268. The next possible resistance for the loonie is seen
around the 1.21 zone.
The loonie advanced to 98.20 against the yen, its highest since
April 17, and was up by 0.55 percent from its previous low of
97.66. On the upside, the loonie may locate resistance near the
99.00 mark.
Extending early rise, the loonie hit a 2-day high of 0.9436
against the aussie. This is an increase of 0.54 percent from
yesterday's closing value of 0.9487. If the loonie continues
advance, it may test resistance around the 0.93 region.
Meanwhile, the loonie was lower against the euro, with pair
trading at 1.3147. This may be compared to an early 2-day high of
1.3078. At Wednesday's close, the pair was valued at 1.3121.
Eurozone private sector growth pulled back from March's 11-month
high in April, flash survey data from Markit Economics showed.
The composite output index fell unexpectedly to 53.5 in April
from 54 in March. The expected score was 54.4.
Looking ahead, U.S. new home sales data for March is due
shortly.
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