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Forex News: Canadian Dollar Advances As Saudi's Remarks Lift Oil

Canadian Dollar Advances As Saudi's Remarks Lift Oil Prices

09/09/2019 - 09:01:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its most major counterparts in the European session on Monday, as oil prices advanced after Saudi Arabia's new energy minister Prince Abdulaziz bin Salman indicated that OPEC and its allies would stick to its production cuts to support oil prices.

Crude for October delivery rose $0.32 to $56.85 per barrel.

Prices were also supported by a rise in oil imports in China in August and comments from the United Arab Emirates' energy minister that OPEC and its allies are committed to balancing the crude market.

After Prince Abdulaziz, a long-time member of the Saudi delegation to OPEC, was appointed to the post on Sunday, replacing Khalid al-Falih, a Saudi official said that there would be no shift in Saudi and OPEC policy on the output cuts and that Prince Abdulaziz would work to strengthen OPEC and non-OPEC cooperation.

This is the first time the energy portfolio has been handed to a member of the royal family.

European stocks were trading mixed after data showed that China's exports fell unexpectedly in August amid escalating trade dispute with the U.S. administration.

Hopes of further stimulus from global central banks helped to limit the downside to some extent ahead of a European Central Bank meeting slated for Thursday.

The loonie was trading mixed against its major counterparts in the Asian session. While it held steady against the greenback and the euro, it rose against the yen. Versus the aussie, it declined.

The loonie advanced to 81.37 against the yen, its biggest since August 2. If the loonie gains further, 83.5 is likely seen as its next resistance level.

The loonie climbed to near a 6-week high of 1.3154 against the greenback, from last week's closing value of 1.3164. On the upside, 1.30 is likely seen as the next resistance level for the loonie.

The loonie appreciated to near a 2-year high of 1.4503 against the euro, compared to 1.4514 hit late New York Friday. The next likely resistance for the loonie is seen around the 1.43 level.

Data from Destatis showed that Germany's exports increased in July, while imports decreased from the previous month.

Exports advanced 0.7 percent month-on-month in July, reversing a 0.1 percent fall in June. Meanwhile, imports dropped 1.5 percent after rising 0.7 percent a month ago.

In contrast, the loonie dropped to 0.9045 against the aussie, from a high of 0.9006 hit at 5:00 pm ET. The loonie is seen finding support around the 0.92 level.

Data from the Australian Bureau of Statistics showed that Australia's mortgage approvals increased more-than-expected in July.

The number of owner occupier loans increased 4.2 percent, much larger than the expected growth of 1.5 percent.

Looking ahead, U.S. consumer credit for July is scheduled for release in the New York session.

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