2023.10.1316:42:00UTC+00Canadian Dollar Climbs As Oil Prices Soar

The Canadian dollar advanced against its major counterparts in the New York session on Friday, as oil prices surged following the imposition of sanctions by the U.S. on shipping companies that violated the G7's price cap.

Crude for November delivery rose $3.43 to 86.34 per barrel.

The U.S. imposed sanctions on owners of tankers, which transported Russian crude oil above the West's price cap of $60 a barrel.

The loonie strengthened to a 10-day high of 1.4329 against the euro and a fresh 2-week high of 0.8584 against the aussie, from its early lows of 1.4439 and 0.8664, respectively.

The loonie rose to 1.3636 against the greenback and 109.74 against the yen, up from an early low of 1.3694 and a 2-day low of 109.29, respectively.

The currency is seen facing resistance around 1.41 against the euro, 0.84 against the aussie, 1.34 against the greenback and 113.00 against the yen.