Canadian Dollar Moves Higher Following Crude Oil

As it often happens, the Canadian dollar was tracking moves of crude oil prices. The prices were moving up during the Thursday’s trading session, therefore the currency was gaining as well.

Oversupply on the oil market remains a major threat to the performance of crude, and the deal among major producers about cutting output does not look particularly probable. Yet all these did not prevent crude oil futures from rallying 2 percent on Thursday.

As usual, the loonie followed moves of oil. And as a result, the currency rallied to the highest levels in more than 2 months against the US dollar and the euro. The optimistic mood on the Forex market caused by the rally of European stocks were helping the currency as well.

USD/CAD fell 1.3% from 1.3701 to 1.3535 as of 22:46 GMT today, trading near the lowest level since December 19. EUR/CAD dropped 1.2% from 1.5087 to 1.4916, close the lowest rate since December 11. CAD/JPY rallied 2% from 81.84 to 83.40.

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