2021.05.1010:47:00UTC+00Canadian Dollar Higher As Oil Prices Rise On Fuel Pipeline Cyber Attack

The Canadian dollar strengthened against its most major rivals in the European session on Monday amid rising oil prices, as the largest fuel pipeline in the U.S. remained shut after a cyber attack.

Crude for June delivery rose $0.36 to $65.26 per barrel.

The Colonial Pipeline has halted its operations on Friday night after the cyber attack, which involved ransomware.

It carries 2.5 million barrels a day of gasoline, diesel, jet fuel and other refined products through thousands of miles of pipelines linking refineries on the Gulf Coast to the eastern and southern United States.

The U.S. government issued emergency legislation on Sunday and relaxed rules on fuel being transported by road.

It is unclear when the network could return to full operational capacity.

The loonie reached as high as 90.09 against the yen, a level unseen since January 2018. The loonie is poised to find resistance around the 92.00 level.

The loonie jumped to a 3-1/2-year high of 1.2094 against the greenback from Friday's close of 1.2123. On the upside, 1.19 is likely seen as its next resistance level.

The loonie edged up to 1.4699 against the euro, compared to last week's close of 1.4742. The loonie is likely to find resistance around the 1.44 level, should it rises further.

In contrast, the loonie dropped to 0.9551 against the aussie, marking a 10-day low. The loonie is seen finding support around the 0.98 mark.