2023.03.2715:16:00UTC+00Canadian Dollar Rises On Higher Oil Prices

The Canadian dollar strengthened against its major counterparts in the European session on Monday, as oil prices rose amid easing worries over a banking crisis and comments from Russian President Vladimir Putin that he will station tactical nuclear weapons in Belarus.

Crude for May delivery rose $1.18 to 70.44 per barrel.

Putin told state television that he plans to complete the construction of a storage facility for tactical nuclear weapons in Belarus by July 1.

Bloomberg reported that U.S. authorities are weighing an expansion of an emergency lending facility in order to offer more support to the banks.

The acquisition of Silicon Valley Bank by First Citizens Bank reduced concerns about the turmoil in the banking sector.

The loonie firmed to 4-day highs of 1.3686 against the greenback and 96.14 against the yen, off its early lows of 1.3745 and 94.95, respectively. The currency is seen finding resistance around 1.33 against the greenback and 99.00 against the yen.

The loonie climbed to a 5-day high of 1.4758 against the euro and near a 2-week high of 0.9094 against the aussie, up from its prior lows of 1.4802 and 0.9146, respectively. Next immediate resistance for the currency is seen around 1.46 against the euro and 0.89 against the aussie.