Canadian Dollar Advances On Higher Oil Prices
(RTTNews) - The Canadian dollar climbed against its most major counterparts in the European session on Tuesday amid higher oil prices, as investors digested announcements from Saudi Arabia and Russia to extend their oil production cuts into August.
Crude for August delivery rose $0.50 to 70.29 per barrel.
Saudi Arabia and Russia will reduce oil exports by 1 million and 500,000 barrels per day, respectively, in August.
Investors looked ahead to the release of the Fed's meeting minutes and U.S. employment data later this week for insights into future interest rate hikes.
Trading volumes remained thin amid the Independence Day holiday in the U.S.
The loonie advanced to 1.3229 against the greenback and 1.4420 against the euro, setting 4-day highs. The loonie is poised to find resistance around 1.30 against the greenback and 1.42 against the euro.
The loonie rebounded to 109.21 against the yen, from an early low of 109.00. It may face resistance around the 110.00 level.
In contrast, the loonie fell back to 0.8850 against the aussie, heading to pierce its previous near 2-week low of 0.8856. If the currency falls further, 0.90 is likely seen as its next support level.
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