FOREX TradingCharts.com

Forex News: Australian, Canadian Dollars Rise Amid Oil Prices Advance

Australian, Canadian Dollars Rise Amid Oil Prices Advance

05/19/2017 - 02:00:00 (RTTNews)

(RTTNews) - 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 against the yen and the euro.

Meanwhile, the Canadian dollar rose against the U.S. dollar and the euro, but fell against the yen.

In the Asian trading, the Australian dollar rose to 1.4949 against the euro and 82.71 against the yen, from early lows of 1.5000 and 82.34, respectively. If the aussie extends its uptrend, it is likely to find resistance around 1.46 against the euro and 84.00 against the yen.

Against the U.S. and the Canadian dollars, the aussie advanced to 0.7428 and 1.0102 from an early 2-day lows of 0.7406 and 1.0077, respectively. The aussie may test resistance around 0.76 against the greenback and 1.02 against the loonie.

The Canadian dollar rose to a 2-day high of 1.5089 against the euro, from yesterday's closing value of 1.5097. The loonie is likely to find resistance around the 1.47 region.

Against the U.S. dollar, the loonie advanced to 1.3592 from yesterday's closing value of 1.3602. On the upside, 1.34 is seen as the next resistance level for the loonie.

The loonie edged up to 81.93 against the yen, from an early low of 81.67. This may be compared to an early 2-day high of 82.03. If the loonie extends its uptrend, it is likely to find resistance around the 84.00 region.

Looking ahead, the German PPI for April is due to be released in the pre-European session at 2:00 am ET.

Eurozone current account data for March is slated for release, later in the day.

At 5:00 am ET, European Central Bank Executive Board Member Peter Praet will participate in the moderation of a high-level panel on "How to address the still low level of banking integration?" at the ECB/European Commission joint conference on Financial Market Integration, in Brussels.

At 7:00 am ET, European Central Bank Executive Board Member Benoit Coeure will participate in a conference on the world economy organized by the International Center for Monetary and Banking Studies, in Geneva.

In the New York session, Canada CPI data for April and retail sales data for March, Eurozone preliminary consumer sentiment index for May and U.S. Baker Hughes rig count data are set to be announced.

At 8:00 am ET, ECB Vice President Vitor Constancio will give a speech on "Banking union and capital markets union: Interaction and synergies" at the Joint ECB/European Commission Conference on Financial Market Integration in Brussels.

At 9:15 am ET, Federal Reserve Bank of St. Louis President James Bullard will give a presentation on the U.S. economy and monetary policy before the Association for Corporate Growth (ACG) St. Louis Chapter, in St. Louis, Missouri.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed On Light Day For Economic Data (02 hr(s), 11 min(s), 36 sec(s) ago)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon ...Full Story»

Euro Advances As Merkel Says Euro Grossly Undervalued (06 hr(s), 47 min(s), 37 sec(s) ago)
(RTTNews) - The euro climbed against its major rivals in the European session on Monday, after the ...Full Story»

Euro Advances After Merkel's Remarks (08 hr(s), 02 min(s), 37 sec(s) ago)
(RTTNews) - The euro climbed against its major rivals in the European session on Monday, after the ...Full Story»

U.S. Dollar Weakens Against Most Majors (08 hr(s), 53 min(s), 37 sec(s) ago)
(RTTNews) - The U.S. dollar slipped against its most major counterparts in the European session on ...Full Story»

Pound Extends Decline After U.K. Hardens Stance On Brexit Talks (09 hr(s), 14 min(s), 37 sec(s) ago)
(RTTNews) - The pound extended decline against its major counterparts in early European deals on M ...Full Story»

Canadian Dollar Advances Against U.S. Dollar, Euro (10 hr(s), 50 min(s), 36 sec(s) ago)
(RTTNews) - The Canadian dollar drifted higher against its U.S. and European counterparts in early ...Full Story»

U.S. Dollar Edges Up Against European Majors (10 hr(s), 59 min(s), 37 sec(s) ago)
(RTTNews) - The U.S. dollar rose against European major counterparts in early European deals on Mo ...Full Story»

Swiss Franc Drops Against Most Majors (12 hr(s), 35 min(s), 37 sec(s) ago)
(RTTNews) - The Swiss franc declined against most major counterparts in pre-European deals on Mond ...Full Story»

Search

FOREX NEWS

Dollar Little Changed On Light Day For Economic Data

05/22/2017 - 13:05 PM (RTTNews)
(RTTNews) - The dollar is turning in a mixed performance against its major rivals Monday afternoon ...Full Story>>

Euro Advances As Merkel Says Euro Grossly Undervalued

05/22/2017 - 08:29 AM (RTTNews)
(RTTNews) - The euro climbed against its major rivals in the European session on Monday, after the ...Full Story>>

Euro Advances After Merkel's Remarks

05/22/2017 - 07:13 AM (RTTNews)
(RTTNews) - The euro climbed against its major rivals in the European session on Monday, after the ...Full Story>>

U.S. Dollar Weakens Against Most Majors

05/22/2017 - 06:23 AM (RTTNews)
(RTTNews) - The U.S. dollar slipped against its most major counterparts in the European session on ...Full Story>>

Pound Extends Decline After U.K. Hardens Stance On Brexit Talks

05/22/2017 - 06:01 AM (RTTNews)
(RTTNews) - The pound extended decline against its major counterparts in early European deals on M ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.