Canadian Dollar Rises As Crude Oil Prices Surge

(RTTNews) - The Canadian dollar strengthened against other major currencies in the Asian session on Monday, as the prices of crude oil went up on supply concerns due to the political instability in Russia.

West Texas Intermediate Crude oil futures rose 0.29 percent to $69.36 a barrel. Brent crude futures advanced to 0.30 percent to $74.23 a barrel.

After an aborted mutiny by Wagner mercenary forces led by Yevgeny Prigozhin, analysts said the geopolitical risk and internal instability in Russia has increased.

U.S. Secretary of State Antony Blinken said the events exposed "real cracks" in Putin's rule.

In the Asian trading today, the Canadian dollar rose to a 7-1/2-month high of 0.8783 against the Australian dollar and nearly an 8-month high of 109.13 against the yen from Friday's closing quotes of 0.8795 and 108.99, respectively. The loonie may test resistance around 0.85 against the aussie and 112.00 against the yen.

Against the euro and the U.S. dollar, the loonie advanced to 1.4347 and 1.3156 from recent lows of 1.4372 and 1.3181, respectively. If the loonie extends its uptrend, it may find resistance around 1.41 against the euro and 1.29 against the greenback.

Looking ahead, German Ifo business climate index for June is due to be released in the European session.

At 7.00 am ET, Germany's central bank is scheduled to issue monthly report.

In the New York session, Canada preliminary manufacturing and wholesale sales data for May and U.S. Dallas Fed manufacturing index for June are slated for release.

At 9:00 an ET, Elizabeth McCaul, member of the Supervisory Board of the ECB, will participate in the roundtable on "Distributed Ledger Technology (DLT) sustainability in the financial sector" at Point Zero Forum organised by Banca d'Italia, in Frankfurt.

At 1:30 pm ET, European Central Bank President Christine Lagarde will deliver welcome remarks at the opening reception of ECB Forum on Central Banking in Sintra, Portugal.