The Canadian dollar strengthened against its major counterparts in the European session on Tuesday, as oil prices rose on hopes that OPEC+ may deepen and extend output cuts into next year.

Crude for January delivery rose $0.26 to 75.12 per barrel.

The Organization of the Petroleum Exporting Countries and allies, including Russia, a group known as OPEC+, will hold an online ministerial meeting on Thursday to discuss supply policy.

Market participants expect a deeper cut amid concerns over softer global demand.

Investors awaited speeches from Fed officials for clues on the interest rate path, particularly the possible timing of a rate cut.

Personal consumption expenditure data, seen as the Fed's preferred inflation gauge, is due on Thursday.

The loonie firmed to a 1-1/2-month high of 1.3573 against the greenback and near a 2-week high of 1.4867 against the euro, off its early lows of 1.3620 and 1.4919, respectively. The loonie may test resistance around 1.33 against the greenback and 1.46 against the euro.

The loonie touched 109.48 against the yen and 0.8974 against the aussie, up from an early 6-day low of 108.79 and a 1-week low of 0.9019, respectively. The loonie is seen finding resistance around 113.00 against the yen and 0.865 against the aussie.

Looking ahead, U.S. consumer confidence index for November and FHFA's house price index and S&P/Case-Shiller home price index for September will be featured in the New York session.

US Dollar vs CAD (FX:USDCAD)
Graphique Historique de la Devise
De Fév 2024 à Mar 2024 Plus de graphiques de la Bourse US Dollar vs CAD
US Dollar vs CAD (FX:USDCAD)
Graphique Historique de la Devise
De Mar 2023 à Mar 2024 Plus de graphiques de la Bourse US Dollar vs CAD