Canadian Dollar Firms As Oil Extends Gains
07 Février 2024 - 11:18AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the European session on Wednesday, as oil prices traded higher
for a third consecutive session after the U.S. Energy Information
Administration (EIA) said it expects U.S. output to remain largely
steady through 2025, easing worries of excess supply.
The EIA said on Tuesday in its latest Short-Term Energy Outlook
that the U.S. crude oil production reached an all-time high in
December of more than 13.3 million barrels a day but fell to 12.6
million barrels a day in January because of shut-ins related to
cold weather.
The Agency expects U.S. oil production to return in February to
levels just under the record and drop slightly thereafter for the
remainder of the year.
A weaker dollar and cautious optimism regarding U.S. economy's
trajectory also supported oil prices ahead the EIA's inventory
report due later in the session.
The loonie climbed to a 5-day high of 1.3454 against the
greenback and a 2-day high of 110.14 against the yen, off its early
lows of 1.3492 and 109.53, respectively. The currency is seen
facing resistance around 1.30 against the greenback and 113.00
against the yen.
The loonie recovered to 1.4497 against the euro and 0.8783
against the aussie, from an early low of 1.4524 and a 5-day low of
0.8814, respectively. Next key resistance for the currency may be
located around 1.42 against the euro and 0.86 against the
aussie.
Looking ahead, U.S. consumer credit for December will be
published in the New York session.
Euro vs CAD (FX:EURCAD)
Graphique Historique de la Devise
De Avr 2024 à Mai 2024
Euro vs CAD (FX:EURCAD)
Graphique Historique de la Devise
De Mai 2023 à Mai 2024