Canadian Dollar Climbs To 5-day High Against Euro

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Canadian Dollar Climbs To 5-day High Against Euro

(RTTNews) - The Canadian dollar traded higher against most major currencies in early European session on Monday as oil prices edged up.

The loonie hit a 5-day high against the euro.

The oil prices rose as worries over supply disruptions in Nigeria overshadowed concerns over debtdowngrade of euro zone nations.

Light Sweet Crude Oil (WTI) futures for February delivery, edged up $0.52 to $99.22 a barrel. Yesterday U.S. crude oil futures closed lower for a third straight day, as rating agency Standard and Poor's was reportedly set to downgrade most euro zone countries' sovereign debt ratings.

The loonie rose to as high as 75.39 against the yen and 1.0194 against the greenback with 76.00 and 1.01, respectively seen as the next upside target levels. At Friday's close, the loonie was worth 75.22 against the yen and 1.0227 against the greenback.
Japan's consumer sentiment rose more than expected in December, a monthly survey carried out by the Cabinet Office showed.

The consumer confidence index climbed to a seasonally adjusted 38.9 from 38.1 in November.
Against the euro, the loonie climbed to a 5-day high of 1.2913, compared to last week's close of 1.2966. The euro-loonie pair is now trading at 1.2921 with 1.28 seen as the next upside target level.

The pace of global economic activity is weakening and the risks for Europe and the world are high, David Lipton, First Deputy Managing Director of the International Monetary Fund said today.

Europe could be swept into a downward spiral of collapsing confidence, stagnant growth, and fewer jobs in the absence of bold action, he told participants at Asian Financial Forum in Hong Kong.

According to the Federal Statistical Office, Germany's wholesale price inflation came in at 7.5 percent on an annual average in 2011. This was the highest annual rate since 1981.
In December, the index of selling prices in wholesale trade increased 3 percent from a year ago.

The U.S. markets are closed for the Martin Luther King, Jr. day holiday.
by RTT Staff Writer

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