Canadian Dollar Higher As Oil Prices Rise On Fuel Pipeline Cyber Attack
The Canadian dollar strengthened against its most major rivals
in the European session on Monday amid rising oil prices, as the
largest fuel pipeline in the U.S. remained shut after a cyber
Crude for June delivery rose $0.36 to $65.26 per barrel.
The Colonial Pipeline has halted its operations on Friday night
after the cyber attack, which involved ransomware.
It carries 2.5 million barrels a day of gasoline, diesel, jet
fuel and other refined products through thousands of miles of
pipelines linking refineries on the Gulf Coast to the eastern and
southern United States.
The U.S. government issued emergency legislation on Sunday and
relaxed rules on fuel being transported by road.
It is unclear when the network could return to full operational
The loonie reached as high as 90.09 against the yen, a level
unseen since January 2018. The loonie is poised to find resistance
around the 92.00 level.
The loonie jumped to a 3-1/2-year high of 1.2094 against the
greenback from Friday's close of 1.2123. On the upside, 1.19 is
likely seen as its next resistance level.
The loonie edged up to 1.4699 against the euro, compared to last
week's close of 1.4742. The loonie is likely to find resistance
around the 1.44 level, should it rises further.
In contrast, the loonie dropped to 0.9551 against the aussie,
marking a 10-day low. The loonie is seen finding support around the