Canadian Dollar Appreciates Amid Rising Oil Prices
May 24 2021 - 4:38AM
RTTF2
The Canadian dollar firmed against its most major counterparts
in the European session on Monday, as oil prices rose with
investors focused on progress in talks between the United States
and Iran to revive the nuclear deal.
Crude for July delivery rose $1.04 to $64.62 per barrel.
Iran and the UN nuclear watchdog agreed to extend a recently
expired monitoring deal by a month in order to resolve remaining
differences over the nuclear pact.
The deal would soften the blow of Iran restricting its
cooperation with IAEA inspectors, and it granted monitoring of some
activities collected through cameras inside the nuclear
facilities.
Supply concerns exacerbated amid the storm-like weather
conditions in the Gulf of Mexico that could develop into a
hurricane in the next 48 hours.
The loonie climbed to 1.2051 against the greenback and 90.37
against the yen, after falling to 1.2085 and 90.10, respectively in
prior deals. The currency is seen finding resistance around 1.18
against the greenback and 92.00 against the yen.
The loonie spiked higher to near a 7-month high of 0.9310
against the aussie, following a decline to 0.9340 at 2:15 am ET.
The loonie may test resistance around the 0.91 level, if it rises
again.
In contrast, the loonie was down against the euro, at 1.4741.
The pair had closed last week's deals at 1.4694. The loonie is
likely to find support around the 1.50 region.
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