Canadian Dollar Rises Amid Higher Oil Prices

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The Canadian dollar climbed against its major counterparts in the European session on Monday, as encouraging news about Pfizer’s COVID-19 vaccine trial and Democratic candidate Joe Biden’s victory in the U.S. presidential election lifted oil prices.

Crude for December delivery rose $3.71 to $40.85 per barrel.

U.S. pharmaceutical giant Pfizer said its experimental vaccine was more than 90 percent successful in preventing Covid-19 in the first analysis of the large study.

Pfizer said it would seek U.S. emergency use authorization later this month.

Biden’s victory over Trump in the presidential race helped ease political uncertainty.

Although Trump has not conceded, analysts think that Biden will become the next President.

The loonie spiked up to a 2-month high of 81.13 versus the yen and more than a 2-year high of 1.2937 against the greenback from Friday’s closing values of 79.11 and 1.3055, respectively. The loonie may find resistance around 84.00 versus the yen and 1.29 against the greenback.

The loonie hit a 5-day high of 1.5373 against the euro, after falling to 1.5516 at 5:00 pm ET. The loonie is seen finding resistance around the 1.52 level.

The loonie recovered to 0.9470 against the aussie, from a low of 0.9515 seen at 6:45 am ET. If the loonie rises further, 0.93 is likely seen as its next resistance level.

Australia building permits rose a seasonally adjusted 15.4 percent on month at 15,827.

Permits for private sector houses rose 9.7 percent to 10,238 and permits for private sector dwellings excluding houses spiked 23.4 percent to 5,189.

The material has been provided by InstaForex Company – www.instaforex.com

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