Canadian Dollar Strengthens As Oil Prices Rise
(RTTNews) - The Canadian dollar climbed against its major counterparts in the European session on Wednesday, as oil prices advanced even as industry data showed U.S. crude oil stockpiles rose in the just-ended week, against expectations for a small drop.
Crude for November delivery rose $2.97 to 93.36 per barrel.
The American Petroleum Institute reported on Tuesday that U.S. crude oil stockpiles rose by 1.586M barrels during the week ended Sept. 22, against expectations for a small drop.
However, there was a drop of 0.07M barrels in gasoline and a decline of 1.698M in distillates, indicating steady fuel demand in the country despite the end of the travel-heavy summer season.
The loonie strengthened to a 9-1/2-month high of 1.4201 against the euro and near a 1-year high of 0.8610 against the aussie, reversing from its early lows of 1.4297 and 0.8654, respectively. The currency is seen facing resistance around 1.40 against the euro and 0.84 against the aussie.
The loonie recovered to 110.60 against the yen and 1.3506 against the greenback, from an early low of 110.16 and near a 2-week low of 1.3537, respectively. Next key resistance for the currency may be located around 113.00 against the yen and 1.32 against the greenback.
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