🔴 LIVE: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

Canadian dollar rises on higher oil prices, trade talk hopes

Published 2019-02-12, 10:54 a/m
© Reuters.  Canadian dollar rises on higher oil prices, trade talk hopes
USD/CAD
-
CL
-
CA2YT=RR
-
CA10YT=RR
-

* Canadian dollar rises 0.3 percent against greenback

* Price of U.S. oil rises 2.7 percent

* Canadian bond prices fall across a steeper yield curve

TORONTO, Feb 12 (Reuters) - The Canadian dollar strengthened against the greenback on Tuesday, adding to gains since the start of the year, as oil prices climbed and as hopes of a resolution of the trade dispute between the United States and China boosted equities.

Wall Street rose, fueled by a tentative deal reached by U.S. lawmakers to avoid another partial government shutdown and optimism that the U.S. and China could reach an agreement during their ongoing trade talks. of the trade dispute could boost prospects for global growth. That would be helpful for Canada's economy as a major producer of commodities, including oil.

U.S. crude CLc1 prices climbed 2.7 percent to $53.80 a barrel on Monday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day, and by U.S. sanctions against Iran and Venezuela. 10:20 a.m. (1520 GMT), the Canadian dollar CAD=D4 was trading 0.3 percent higher at 1.3258 to the greenback, or 75.43 U.S. cents. The currency traded in a range of 1.3245 to 1.3312.

Gains for the loonie come after Canadian data on Friday showed bumper jobs numbers in January that exceeded market expectations and highlighted the strength of the economy. loonie has advanced 2.9 percent since the start of 2019, the best performance among G10 currencies.

Canadian government bond prices were lower across a steeper yield curve in sympathy with U.S. Treasuries. The two-year CA2YT=RR fell 2.5 Canadian cents to yield 1.802 percent and the 10-year CA10YT=RR declined 15 Canadian cents to yield 1.921 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.