(RTTNews) - Monday in Asia, the Canadian dollar advanced against its major rivals as oil price rose today, prompting traders to move into resource-linked assets.
On the New York Mercantile Exchange, light, sweet crude for August delivery reached as high as $72.7 per barrel by 2:30 am ET. The contract lost 81 cents to settle at $72.14 on Friday.
On Friday, the Labor Department said the U.S. economy added a net 83,000 workers, which was more than May but fewer than March and April, stoking concerns that global economic growth and crude demand could be slowing.
The Canadian dollar reached as high as 1.3268 against the euro before reversing its direction around 2:20 am ET. The euro-loonie pair, which finished Friday's deals at 1.3350 is presently quoted at 1.3292. If the loonie gains further, resistance is likely to be seen around the 1.3240 level in near-term.
Against the U.S. dollar, the Canadian currency climbed to 1.0579 at this time and this may be compared to last week's close of 1.0636. On the upside, the domestic unit may likely find target near the 1.0560 level. Currently, the greenback-loonie pair is quoted at 1.0588.
The Canadian dollar also advanced to 83.21 against the Japanese yen around 2:20 am ET, compared to Friday's closing quote of 82.61. The loonie-yen pair is presently worth 83.14 with 83.60 seen as the next likely resistance level.
Looking ahead, the Euro-zone retail sales for May, sentix investor confidence for July and the services PMI reports from the major European economies for June are expected in European session.
The U.S. financial markets are closed today for Independence Day holiday.
