Canadian Dollar Higher Amid Rising Oil Prices
October 14 2021 - 5:45AM
RTTF2
The Canadian dollar rose against its major rivals in the
European session on Thursday, as oil prices advanced after an
inventory data showed that U.S. gasoline and distillate stocks fell
more than forecast last week.
Data from the American Petroleum Institute showed on Wednesday
that gasoline inventories fell by 4.6 million barrels and
distillate stocks declined by 2.7 million barrels, compared to last
week's increase of 3.68 million barrels and 345,000 barrels,
respectively.
U.S. crude inventories rose by 5.2 million barrels for the week
ended Oct. 8, while analysts expected a build of 140,000
barrels.
Oil prices also got a boost from the International Energy
Agency's warning that demand could outpace supply until the end of
this year, threatening the global economic recovery from the
pandemic.
In its monthly oil report, the IEA said that record coal and gas
prices as well as rolling blackouts were prompting the power sector
and energy-intensive industries to turn to oil to keep the lights
on and operations active.
The loonie firmed to more than a 3-month high of 1.2355 against
the greenback, 1-1/2-year high of 1.4327 against the euro and a
5-1/2-year high of 91.95 against the yen, off its prior low of
1.2445, 2-day lows of 1.4432 and 90.91, respectively. The loonie is
seen finding resistance around 1.23 against the greenback, 1.40
against the euro and 93.00 against the yen.
The loonie remained higher against the aussie, with the pair
trading at 0.9171. This followed a 2-day low of 0.9191 hit at 8:15
pm ET. On the upside, 0.90 is possibly seen as the next resistance
level.
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