Australian, Canadian Dollars Rise Amid Oil Prices Advance

The Australian and the Canadian dollars strengthened against their major counterparts in the Asian session on Friday amid oil price rise, as optimism grew that the oil producing countries are likely to cut its excess crude output.

Traders reflected on EIA data showing another significant drawdown in U.S. oil inventories, the sixth straight weekly decline from record highs.

The crude oil delivery for July is currently up by 0.46 percent or $50.12 per barrel.

Meanwhile, investors are treading cautiously amid the political crises in Brazil and Washington.

Brazil’s President Michel Temer is facing calls for impeachment in the wake of a corruption scandal, but Temer said he will not resign and will prove his innocence in the Supreme Court.

Thursday, the Australian and the Canadian dollars showed mixed trading against their major rivals. While the aussie rose against the greenback, it fell…

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