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Canada : CANADIAN dollar rises as US oil prices advances

August 22, 2014

The Canadian dollar advanced against its counterparts in deals as oil prices rose ahead of official US crude oil inventory data.

Crude for October delivery rose from $0.44 to $93.30 per barrel.

The American Petroleum Institute, US crude oil stockpiles declined by a less than expected 1.4 million barrels in the week ended August 15.

Traders await the release of Federal Reserve's minutes of the July 29-30 meeting to glean clues on the monetary policy outlook.

Data shows that Canada's sales improved the third consecutive month, rising by 0.6% to C$53.0 billion in June.

The loonie rebounded to 1.0935 against the greenback, after falling to a 9-day low of 1.0961. The loonie challenged resistance around the 1.085 zone.

Continuing early rally, the loonie firmed to a 5-day high of 94.45 against the Japanese yen. The pair was quoted at 94.03. If the loonie extends rise, 95.00 is seen as its next possible resistance level.

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Source: TendersInfo (India)

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