Canadian Dollar Strengthens As Oil Prices Rise

RTTNews | 653 days ago
Stocktwits
Canadian Dollar Strengthens As Oil Prices Rise

(RTTNews) - The Canadian dollar climbed against its major counterparts in the European session on Wednesday, as oil prices advanced even as industry data showed U.S. crude oil stockpiles rose in the just-ended week, against expectations for a small drop.

Crude for November delivery rose $2.97 to 93.36 per barrel.

The American Petroleum Institute reported on Tuesday that U.S. crude oil stockpiles rose by 1.586M barrels during the week ended Sept. 22, against expectations for a small drop.

However, there was a drop of 0.07M barrels in gasoline and a decline of 1.698M in distillates, indicating steady fuel demand in the country despite the end of the travel-heavy summer season.

The loonie strengthened to a 9-1/2-month high of 1.4201 against the euro and near a 1-year high of 0.8610 against the aussie, reversing from its early lows of 1.4297 and 0.8654, respectively. The currency is seen facing resistance around 1.40 against the euro and 0.84 against the aussie.

The loonie recovered to 110.60 against the yen and 1.3506 against the greenback, from an early low of 110.16 and near a 2-week low of 1.3537, respectively. Next key resistance for the currency may be located around 113.00 against the yen and 1.32 against the greenback.

Tags: AUDCAD USDCAD EURCAD CADJPY
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Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 6h 51min ago
Yen Retreats Against Majors

Yen Retreats Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Friday.
RTTNews | 10h 4min ago
Antipodean Currencies Rise Amid Risk-on Mood

Antipodean Currencies Rise Amid Risk-on Mood

The antipodean currencies such as the Australia and the New Zealand dollars strengthened against other major currencies in the Asian session on Friday amid increased risk-on mood by the investors, following the broadly positive cues from Wall Street overnight, as traders hope for an end to the tariff uncertainty after U.S. President Donald Trump confirmed he will not extend the August 1 deadline for striking trade deals, though he continues to threaten higher reciprocal tariffs on various sectors and countries.
RTTNews | 10h 41min ago
Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

Commodity Currencies Rise Amid Renewed Tariff Concerns; USD Slide

The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major counterparts in the early European session on Thursday, as traders are optimistic about an end to the tariff uncertainty after U.S. President Donald Trump made it clear that he will not extend the August 1 deadline for trade deals, though he gets aggressive with tariff imposition. They are also optimistic about a potential trade deal between the U.S. and the European Union.
RTTNews | 1 day ago
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