Canadian Dollar Rises As Oil Prices Advance

Canadian Dollar Rises As Oil Prices Advance

28 March 2016, 13:19
Roberto Jacobs
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Canadian Dollar Rises As Oil Prices Advance

The Canadian dollar strengthened against most major currencies in the early European session on Monday, as oil prices rebounded from last week's decline. Investors focus on the OPEC's meeting next month to discuss proposal to freeze output.

Crude oil for May delivery are currently up $0.34 to $39.80 a barrel.

Members and non-members from the OPEC have scheduled a meet in Doha on April 17 to discuss the plan.

European markets are closed for the Easter Monday holiday.

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

In the European trading, the Canadian dollar rose to a 6-day high of 85.83 against the yen, from an early low of 85.16. The loonie may test resistance around the 88.00 area.

The loonie advanced to 1.3229 against the U.S. dollar, from an early 4-day low of 1.3285. On the upside, 1.29 is seen as the next resistance level for the loonie.

Against the euro, the loonie edged up to 1.4774 from an early low of 1.4827. If the loonie extends its uptrend, it is likely to find resistance around the 1.44 area.

Meanwhile, the loonie fell to a 5-day low of 0.9982 against the Australian dollar, from an early high of 0.9949. The loonie is likely to find support around the 1.00 area.

Looking ahead, U.S. personal income and spending data, U.S. advance goods trade balance and pending home sales data, all for February, are due to be released in the New York session.

The material has been provided by InstaForex Company - www.instaforex.com

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