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Canadian dollar firms as oil surges on Ukraine war fears -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A Canadian greenback coin, generally often called the “Loonie”, is pictured on this illustration image taken in Toronto January 23, 2015. REUTERS/Mark Blinch/File Photograph

TORONTO (Reuters) – The Canadian greenback strengthened in opposition to its U.S. counterpart on Tuesday as the value of oil, one in every of Canada’s main exports, surged on escalating Russia-Ukraine tensions and threats of sanctions.

Oil costs hit their highest since 2014 after Moscow ordered troops into two breakaway areas in jap Ukraine, including to produce considerations.

costs rose 3.4% to $94.15 a barrel, whereas the Canadian greenback was 0.2% larger at 1.2722 to the U.S. greenback, or 78.60 U.S. cents, after buying and selling between 1.2719 and 1.2769.

Nonetheless, speculators have minimize their bullish bets on the Canadian greenback, information from the U.S. Commodity Futures Buying and selling Fee confirmed. As of Feb. 15, web lengthy positions had decreased to 12,170 contracts from 14,886 within the prior week.

In the meantime, Canada’s parliament has backed Prime Minister Justin Trudeau’s resolution to invoke rarely-used emergency powers to finish pandemic-related protests which have blocked streets within the capital Ottawa for greater than three weeks.

Canadian authorities bond yields had been larger throughout the curve following Monday’s market vacation. The ten-year rose 4.6 foundation factors to 1.922%, shifting again in sight of the three-year excessive notched final Wednesday at 1.995%.

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