Canadian Dollar Firm As Crude Oil Rallies More than 1%

Mar 12,2019 10:30   Source:Earnforex

A heap of Canadian dollar billsThe Canadian dollar was generally strong on Monday, likely due to the rally of crude oil prices. The loonie often follows moves of the commodity because it is Canada’s biggest source of export revenue.

Crude rallied more than 1% during the Monday’s trading session. Prices surged after Saudi Arabia announced it is going to cut its oil output below 10 million barrels per day in an attempt to help in rebalancing the market.

There were no macroeconomic reports in Canada on Monday. Better-than-expected US retail sales weighed on the Canadian currency, pushing it lower against its US counterpart, but ultimately the loonie managed to rebound.

The rest of the week will also be very light in terms of macro reports in Canada, with just the New House Price Index scheduled for Thursday and manufacturing sales for Friday. Last week, the currency got a boost from surprisingly strong employment growth.

USD/CAD declined from 1.3416 to 1.3391 as of 23:10 GMT today after rising to the daily maximum of 1.3439. EUR/CAD traded at 1.5088 after opening at 1.5073 and rising to the daily high of 1.5112. CAD/CHF surged from 0.7505 to 0.7539.

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