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Forex News: Canadian Dollar Advances Amid Higher Oil Prices

Canadian Dollar Advances Amid Higher Oil Prices

01/25/2018 - 06:29:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in early European deals on Thursday, as oil prices rose following a data showing a decline in U.S. crude inventories last week.

Crude for March delivery rose $0.51 to $66.12 per barrel.

The Energy Information Administration on Wednesday reported a draw of 1.1 million barrels for the week to January 19. It's the tenth consecutive drop in U.S. oil inventories.

Meanwhile, gasoline inventories recorded another weekly build at 3.1 million barrels and distillate inventories rose by 600,000 barrels.

A weaker dollar supported commodities, propping up the currency.

Comments by U.S. Treasury Secretary Steven Mnuchin that he favours a weaker currency weighed on the dollar.

Investors looked ahead to the ECB meeting later in the day for clues to whether the central bank would continue stimulus measures at least through September.

The currency was trading mixed in the Asian session. While it rose against the greenback and the yen, it held steady against the euro. Against the aussie, it dropped. Having fallen to a 2-day low of 0.9983 against the aussie at 1:45 am ET, the loonie reversed direction and recovered to 0.9946. If the loonie rises further, 0.98 is likely seen as its next resistance level.

The loonie bounced off to 88.64 against the yen, from a low of 88.40 hit at 5:45 pm ET. The next possible resistance for the loonie is seen around the 89.00 region.

The loonie edged up to 1.5273 against the euro, off its early low of 1.5323. The loonie is seen finding resistance around the 1.52 mark.

Survey data from Ifo institute showed that Germany's business confidence improved in January.

The business confidence index rose to 117.6 in January from 117.2 in December. The expected score was 117.0.

On the flip side, the loonie trimmed some of its early gains against the greenback with the pair trading at 1.2313. This may be compared to a 4-month peak of 1.2293 hit at 1:25 am ET. The pair finished Wednesday's deals at 1.2346.

Looking ahead, at 7:45 am ET, the European Central Bank announces decision on rates. Economists expect the bank to maintain its refi rate unchanged at zero percent.

In the New York session, Canada retail sales for November, U.S. weekly jobless claims for the week ended January 20, wholesale inventories and new home sales for December are set for release.

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