Canadian Dollar Climbs On Rising Oil Prices
2018年3月23日 - 2:37PM
RTTF2
The Canadian dollar spiked up against its most major
counterparts in early European deals on Friday, as oil prices
climbed after Saudi Arabian Energy Minister Khalid al-Falih's
remarks that the ongoing output cuts are required to be extended
into 2019 to contain supply glut.
Crude for May delivery rose $0.52 to $64.82 per barrel.
"We still have some time to go before we bring inventories down
to the level we consider normal and we will identify that by
mid-year when we meet in Vienna," Falih said in Washington.
"And then we will hopefully by year-end identify the mechanism
by which we will work in 2019."
The deal between the OPEC and other non-OPC producers to comply
with production cuts would expire at the end of 2018.
That said, the currency's gains were limited on risk aversion,
as U.S. President Donald Trump announced tariffs on at least $50
billion worth of Chinese imports and China said it would impose
tariffs on up to $3 billion worth of U.S. goods in retaliation,
sparking fears of a global trade war.
The loonie advanced to 1.2895 against the greenback and 1.5888
against the euro, from its early lows of 1.2940 and 1.5943,
respectively. If the loonie rises further, 1.26 and 1.56 are likely
seen as its next resistance levels against the greenback and the
euro, respectively.
The loonie rose to 81.50 against the yen, off its early 4-day
low of 80.91. The next possible resistance for the loonie is seen
around the 84.00 level.
On the flip side, the loonie weakened to 0.9976 against the
aussie, from Thursday's closing value of 0.9954. The loonie is seen
finding support around the 1.01 region.
Looking ahead, Atlanta Fed President Raphael Bostic speaks about
the economic outlook at the Knoxville Economics Forum at 8:10 am
ET.
At 8:30 am ET, the Bank of England member Gertjan Vlieghe speaks
at the Birmingham Chamber of Commerce.
In the New York session, Canada CPI for February and retail
sales for January, as well as U.S. durable goods orders and new
home sales for February are scheduled for release.
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