Loonie rises amid prospects of increased oil output

Canadian dollar rose against most rivals as the Canadian government tries to bolster output of oil and natural gas to fill some of the global void.

Government companies in Canada announced plans to increase local production of natural gas and oil and invest more in the energy sector.

Canada could indeed contribute to cover some of the void that was left by Russian supplies after US banned Russian crude imports.

US crude is the world's preeminent oil producer at 11.6 million bpd, followed by Russia at 11.06 million bpd, while Canada stands at the sixth place at 3.2 million bpd.

CAD/USD rose 0.2% to 0.7998 as of 16:13 GMT, with an intraday high at 0.8001, and a low at 0.7965.