The Canadian dollar strengthened against the U.S. dollar and the euro in the New session on Monday, as oil prices rallied amid concerns about potential disruptions to global oil supplies in the wake of an escalating conflict in the Middle East.
Oil prices jumped nearly 4 percent as clashes between Israeli and Hamas forces raised the risk of a wider Middle East conflict.
The loonie appreciated to a 1-week high of 1.3612 against the greenback and a 5-day high of 1.4356 against the euro, up from its early lows of 1.3679 and 1.4441, respectively. The loonie is seen finding resistance around 1.33 against the greenback and 1.42 against the euro.
