Canadian Dollar Advances Amid Higher Oil Prices

RTTNews | 649 days ago
Canadian Dollar Advances Amid Higher Oil Prices

(RTTNews) - The Canadian dollar climbed against its most major counterparts in the New York session on Friday on rising oil prices, as Russia's ban on fuel exports outweighed worries about slower demand due to tighter monetary policies in the United States and Europe.

Crude for November delivery rose $1.59 to 91.22 per barrel.

Oil prices steadied after a volatile week as Russia announced Thursday a temporary ban on diesel and gasoline exports.

The action reversed a recent downside movement in crude markets following hawkish comments on interest rates from the Federal Reserve and other central banks.

It is feared that higher interest rates and a weak global economy could dent fuel demand.

Both WTI and Brent contracts rose more than 10 percent in the previous three weeks, buoyed by a confluence of supply cuts from major producers and reports from OPEC and the U.S. Energy Information Administration predicting that surging demand and recent price gains could stick through the remainder of the year.

The loonie climbed to 1.3423 against the greenback, setting a 2-day high. Next key resistance for the currency may be located around the 1.32 level.

The loonie strengthened to a 3-day high of 110.41 against the yen and a multi-month high of 1.4285 against the euro, from its early lows of 109.37 and 1.4374, respectively. The currency is seen facing resistance around 113.5 against the yen and 1.40 against the euro.

In contrast, loonie fell against the aussie, reaching 0.8690. If it falls further, it is likely to test support around the 0.90 level.

read more
Yen Falls Amid Risk-on Mood

Yen Falls Amid Risk-on Mood

The Japanese yen weakened against other major currencies in the European session on Wednesday amid increased risk-on mood, as investors pondered the prospect of Federal Reserve rate cuts and hoped for a positive resolution on trade discussions ahead of completion of 90-day tariff pause on July 9.
RTTNews | 8h 51min ago
Yen Falls Against Majors

Yen Falls Against Majors

The Japanese yen weakened against other major currencies in the European session on Wednesday.
RTTNews | 9h 20min ago
U.S. Dollar Advances Amid Strong Economic Data

U.S. Dollar Advances Amid Strong Economic Data

The U.S. dollar strengthened against its major counterparts in the New York session on Tuesday, as economic data came in above estimates and Federal Reserve Chair Jerome Powell maintained a data-dependent approach to rate cuts.
RTTNews | 23h 15min ago
Yen Rises As Japan Tankan Data Adds To BOJ Rate-Hike Prospects

Yen Rises As Japan Tankan Data Adds To BOJ Rate-Hike Prospects

The Japanese yen strengthened against other major currencies in the European session on Tuesday, following the Bank of Japan's Tankan survey indicating that business sentiment among major Japanese firms has improved slightly, which increased the likelihood of additional rate hikes by the Japanese central bank.
RTTNews | 1 day ago
Yen Rises Against Majors

Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the European session on Tuesday. The yen rose to a 6-day high of 168.46 against the euro and an 8-day high of 196.80 against the pound, from early lows of 169.66 and 197.76, respectively.
RTTNews | 1 day ago
U.S. Dollar Weakens Amid Trade Talks, Debt Concerns

U.S. Dollar Weakens Amid Trade Talks, Debt Concerns

The U.S. dollar dropped against its most major counterparts in the New York session on Monday, as investors monitored negotiations over President Donald Trump's tax bill in the Republican-controlled Senate.
RTTNews | 2 days ago