Oil Companies Gains Offer FTSE 100 Support, The Canadian Dollar’s Current Situation| FXMAG.COM

Summary:

Top oil firms offer the FTSE 100 Index support on Monday.
On Monday the GBP/CAD currency pair suppressed back to almost 10-year lows.

FTSE 100 (FTSE)

The FTSE index closed the Monday trading day around 0.9% up. The rise in the index comes in the wake of oil firms seeing gains due to the rising of oil prices on Monday. Shell, BP and Harbour energy were amongst the top performers on the index. The Monday trading day also saw early positivity in both the Asian and Euro markets amidst hopes that the US could ease off on tariffs on China.

The US markets remained silent as traders enjoyed time off for the 4th of July Independence Day celebrations.

Oil Companies Gains Offer FTSE 100 Support, The Canadian Dollar’s Current Situation - 1 FTSE Price Chart

Canadian Dollar Struggles

On Monday the GBP/CAD currency pair suppressed back to almost 10-year lows. During mid-June the Canadian Dollar had gained on the pound sterling and against other currencies, the gains have been scuppered and the CAD is fighting 10-year lows against the GBP. Canadian employment growth came in moderate for June, however, strong wage inflation will likely put the Bank of Canada under pressure to impose more aggressive monetary policy going forward.

Sources: poundsterlinglive.com, finance.yahoo.com