News Column

Canadian Dollar Up As Oil Prices Rise Ahead Of US Data

August 26, 2014

CANBERA (Alliance News) - The Canadian dollar advanced against most major currencies in European deals on Tuesday, as oil prices edged up before a raft of US data due today.

Crude for October delivery rose USD0.21 to USD93.56 per barrel.

Traders await data on durable goods orders, house price surveys and consumer confidence that may give hints about the how well the economy is faring. Markets have priced in an early rate hike by the Federal Reserve, after its chief Janet Yellen last week signaled that sustained growth in the US economy may push forward the timetable for rate hike closer.

Ukrainian President Petro Poroshenko and Russian President Vladimir Putin is due to hold talks at a summit in Minsk, capital of Belarus. The leaders will attend talks alongside EU representatives, as the insurgency in the regions of Luhansk and Donetsk shows no signs of abating.

The American Petroleum Institute will come out with its oil report later today.

The loonie edged up to 1.0961 against the US dollar, after having fallen to a multi-month low of 1.0997 in early deals. The next possible resistance for the loonie is seen around the 1.09 region.

Reversing from an early 4-day low of 1.4501 against the euro, the loonie climbed to 1.4462. If the loonie continues its uptrend, 1.44 is seen as its next possible resistance level.

After falling to a 4-day low of 94.53 versus the yen at 11:05 pm ET, the loonie recovered to 94.80. Further uptrend may lead the loonie to a resistance around the 95.5 zone.

On the flip side, the loonie fell back to 1.0216, a 4-day low, off early high of 1.0193. Next key support for the loonie is seen around the 1.03 region.

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Source: Alliance News

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