Investing.com – The Canadian dollar was up against its U.S. counterpart on Monday, advancing to a fresh daily high, as crude oil prices rose after a major pipeline leak disrupted supplies.
USD/CAD hit 1.0296 during European morning trade, a daily low; the pair subsequently consolidated at 1.0299, shedding 0.68%.
The pair was likely to find support at 1.0247, the low of August 19, and resistance at 1.0392, the high of September 9.
Crude oil prices rose for a second day, gaining 0.83% to hit USD 77.22 a barrel, after a leak in a central oil pipeline in Illinois forced it to remain closed for a fourth day.
Earlier in the day, pipeline operator Enbridge Energy Partners said it did not know when the pipeline, which transports approxiamtely 70% of Canadian crude oil exports to the U.S. was expected to restart.
Canada is a major crude oil exporter and as a result the currency often tracks changes in crude oil prices.
Meanwhile, the loonie was down against the euro, with EUR/CAD gaining 0.38% to hit 1.3196.
Later in the day, the U.S. was to release official data on its federal budget balance.
USD/CAD hit 1.0296 during European morning trade, a daily low; the pair subsequently consolidated at 1.0299, shedding 0.68%.
The pair was likely to find support at 1.0247, the low of August 19, and resistance at 1.0392, the high of September 9.
Crude oil prices rose for a second day, gaining 0.83% to hit USD 77.22 a barrel, after a leak in a central oil pipeline in Illinois forced it to remain closed for a fourth day.
Earlier in the day, pipeline operator Enbridge Energy Partners said it did not know when the pipeline, which transports approxiamtely 70% of Canadian crude oil exports to the U.S. was expected to restart.
Canada is a major crude oil exporter and as a result the currency often tracks changes in crude oil prices.
Meanwhile, the loonie was down against the euro, with EUR/CAD gaining 0.38% to hit 1.3196.
Later in the day, the U.S. was to release official data on its federal budget balance.