Canadian dollar rises as oil prices rebound

Economies.com
2020-05-05 16:39PM UTC

The Canadian dollar strengthened against its major counterparts on Tuesday as oil prices rose, in addition to the release of upbeat economic data.

 

To the oil market, West Texas Intermediate crude jumped 19% to $24.2 a barrel as of 16:20 GMT, after it hit an intraday high of $24.4 and a low of $21.1.

 

Brent climbed 11.7% to $30.3 a barrel, with a high of $30.7 and a low of $27.7.

 

Data showed today that the Canadian trade deficit reached CAD 1.47 billion last month, but came better than estimates of CAD 2.5 billion.

 

As of 16:38 GMT, CAD/USD rose 0.4% to 0.7128, after the pair reached a high of 0.7142 and a low of 0.709.

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