Canadian Dollar Climbs Against Majors
2024-11-14
3722
(fxcue news) - The Canadian dollar advanced against its most major counterparts in the New York session on Thursday amid higher oil prices, as Russia-Ukraine tensions intensified and fuelled concerns about disruption in oil supplies.
Ukraine's air force claimed that Russia has fired an intercontinental ballistic missile at the country, although Russia has refused to comment on the allegation.
The attack was in response to Ukraine's use of U.S. and U.K. missiles into Russia.
Geopolitical concerns in eastern Europe eclipsed worries about weak demand ignited by a higher-than-expected inventory build in the U.S.
Data from U.S. Energy Information Administration showed that crude oil inventories crept up by 0.5 million barrels last week, after rising by 2.1 million barrels in the previous week. Markets had anticipated a build of 0.4 million barrels.
The loonie rose to a 6-day high of 0.9073 against the aussie, 8-day high of 1.3931 against the greenback and near a 5-month high of 1.4611 against the euro, off its early lows of 0.9114, 1.3978 and 1.4742, respectively. The currency is likely to locate resistance around 0.89 against the aussie, 1.36 against the greenback and 1.44 against the euro.
In contrast, the loonie fell to a 2-day low of 110.24 against the yen. The currency is likely to locate support around the 106.00 level.
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