Investing.com – The Canadian dollar soared to a fresh 4-day high against its U.S. counterpart on Tuesday as crude oil prices climbed amid a global stock market rally.
USD/CAD hit 1.0536 during European afternoon trade, the pair's lowest since June 30; the pair subsequently consolidated at 1.0539, shedding 0.98%.
The pair was likely to find support at 1.0465, the low of June 30, and resistance at 1.0744, the high of May 26.
Earlier in the day, crude oil neared USD 73 a barrel on the back of a rally in global stock markets. The loonie closely tracks commodity prices as Canada is a major exporter of oil.
Also Tuesday, official data showed the number of building permits issued in Canada dropped more than expected in May, tumbling 10.8% after an increase of 5.9% in April, whose figure was revised up from 5.4%.
Analysts had expected a decrease of 1.3% in May.
The loonie was also up against the euro, with EUR/CAD shedding 0.53% to hit 1.3273.
Later Tuesday, the U.S. was to produce a closely watched report on its services sector which was expected to show smaller than expected growth in June.
USD/CAD hit 1.0536 during European afternoon trade, the pair's lowest since June 30; the pair subsequently consolidated at 1.0539, shedding 0.98%.
The pair was likely to find support at 1.0465, the low of June 30, and resistance at 1.0744, the high of May 26.
Earlier in the day, crude oil neared USD 73 a barrel on the back of a rally in global stock markets. The loonie closely tracks commodity prices as Canada is a major exporter of oil.
Also Tuesday, official data showed the number of building permits issued in Canada dropped more than expected in May, tumbling 10.8% after an increase of 5.9% in April, whose figure was revised up from 5.4%.
Analysts had expected a decrease of 1.3% in May.
The loonie was also up against the euro, with EUR/CAD shedding 0.53% to hit 1.3273.
Later Tuesday, the U.S. was to produce a closely watched report on its services sector which was expected to show smaller than expected growth in June.