Investing.com – The Canadian dollar rose to a new 19-month high against its U.S. counterpart on Wednesday, as oil prices rose and in the wake of the U.S. Federal Reserve's decision to keep interest rates near zero.
During European morning trade, USD/CAD sank to 1.0111, the pair's lowest rate since July 24, 2008; the pair subsequently consolidated around 1.0116, shedding 0.25%.
USD/CAD was likely to find support at 0.9975, the low of July 15, 2008, and resistance at 1.0361, the high of March 3.
The loonie also surged against the yen, with CAD/JPY jumping 0.47% to reach 89.47.
Earlier Wednesday, oil prices rose above $82 a barrel in Asia after a report showed U.S. crude inventories grew less than expected last week. The increase helped the loonie's ascent, since oil is one of Canada's biggest exports.
The U.S. Federal Reserve, meanwhile, on Tuesday renewed its pledge to keep interest rates near zero for an "extended period," to foster the U.S. economic recovery and ease high unemployment.
During European morning trade, USD/CAD sank to 1.0111, the pair's lowest rate since July 24, 2008; the pair subsequently consolidated around 1.0116, shedding 0.25%.
USD/CAD was likely to find support at 0.9975, the low of July 15, 2008, and resistance at 1.0361, the high of March 3.
The loonie also surged against the yen, with CAD/JPY jumping 0.47% to reach 89.47.
Earlier Wednesday, oil prices rose above $82 a barrel in Asia after a report showed U.S. crude inventories grew less than expected last week. The increase helped the loonie's ascent, since oil is one of Canada's biggest exports.
The U.S. Federal Reserve, meanwhile, on Tuesday renewed its pledge to keep interest rates near zero for an "extended period," to foster the U.S. economic recovery and ease high unemployment.