Currency - The Canadian dollar advances on oil

The Canadian dollar strengthens against its US counterpart on Tuesday as oil prices rise and traders await comments from Federal Reserve Chairman Janet Yellen.

The USD / CAD dropped 0.31% to 1.3201 at 09.30 ET and ranged from $ 1.3198 to $ 1.3261.

Oil prices, one of Canada's top exports, rose for the fourth consecutive session on Tuesday, falling from a seven-month low reached last week, despite concerns about the increase in oil prices. American production of shale.

The US dollar , which measures the strength of the greenback against a basket of six major currencies, is down 0.69% to 96.43.

The euro strengthens after Central Bank President Mario Draghi has indicated that the eurozone economy is strengthening and progressing.

Investors are awaiting the intervention of Federal Reserve Chairman Janet Yellen.

His comments will be carefully monitored in search of clues about the timing of the next rate hike by the Fed. The president could answer questions about her $ 4.5 trillion balance sheet relief program.

Recently published figures have shown a decline in inflation and are challenging the Fed's plans to raise rates.