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The Canadian dollar is rising against the currencies as oil rises

2018-09-18 12:23 pm | Resource: News | No Views : 40



The Canadian dollar rose against most of its main rivals in the European session on Tuesday, with European stocks advancing after US President Donald Trump imposed 10% of China's import tariffs of $ 200 billion, well below the 25% that the White House said was thinking that Customs duties will be set at 10 per cent by the end of the year, but will rise to 25 per cent from 1 January. The agreement will enter into force next week.

China said the United States was not "honest" and had no choice but to respond. However, the statement did not provide any timetable or details of the proposed action. China had previously said it would impose a $ 60 billion charge on US goods.

Oil

The Canadian dollar is linked to oil as it is considered as a group of oil-exporting countries. Oil prices rose after Saudi Arabia announced that it was satisfied with the rise in Brent prices to above $ 80 a barrel. Oil for October delivery rose $ 0.88 to $ 69.80 a barrel.

 On the other hand, Russian Energy Minister Alexander Novak said on Tuesday that his country should produce 553 million tons, translating it to 11.06 million barrels per day. In a statement quoted by the local media, the production was estimated to peak at 570 million tons in 2021. Commenting on commodity prices in the market, he claimed that the rise of about $ 80 a barrel of Brent crude is temporary and based on sanctions.

The United States imposed punitive measures affecting Iran's shipments to take full effect on Nov. 4, which is expected to disrupt global supplies. In Novak's words, market observers and producers put the long-term value at $ 50 per barrel of crude oil.

Canadian Dollar Trading
  • The Canadian dollar hit a 4-day high of 86.20 against the yen, from a 6-day low of 85.48 points
  • The Canadian dollar rebounded to 1.3013 against the US dollar, from a 6-day low of 1.3065.
  • After dropping to a weekly low of 1.5261 against the euro, the Canadian dollar reversed its trend and rose to 1.5199.
  • The Canadian dollar was steady against the Australian dollar after falling to a two-week low of 0.9404
  


Other analysis

USD/JPY Technical analysis 16 October 2018

Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears managed to control movement of the USDJPY to the support level of 111.60 which also represents 61% retracement of Fibonacci levels Accordingly, we expect that the USDJPY will test levels of 112.16 - 112.73 in a corrective move   The alternative scenario is that the USDJPY retreated to level of…

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