Canadian Dollar Rises As Crude Oil Prices Advance

The Canadian dollar strengthened against other major currencies in the early European session on Monday, as the crude oil rose amid easing geopolitical tensions after North Korea refrained from launching more missiles at the weekend.

Fears about Irma also waned as the hurricane came ashore in Florida weaker than anticipated.

Crude oil delivery for October is currently up by 0.18 percent or $47.66 per barrel.

In the Asian trading today, the Canadian dollar held steady against its major rivals.

In the European trading, the Canadian dollar rose to 1.4553 against the euro and 89.49 against the yen, from an early lows of 1.4613 and 88.92, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.44 against the euro and 90.00 against the yen.

Against the U.S. and the Australian dollars, the loonie advanced to 1.2126 and 0.9745 from an early lows of 1.2162 and 0.9795, respectively. The loonie may test resistance around 1.20 against the greenback and 0.96 against the aussie.

Looking ahead, Canada housing starts for August is due to be released at 12:15 pm ET.

The material has been provided by InstaForex Company –

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