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Forex News: Canadian Dollar Advances Amid Rising Oil Prices

Canadian Dollar Advances Amid Rising Oil Prices

05/03/2017 - 06:37:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major counterparts in European deals on Wednesday, as oil prices climbed following a data showing a larger-than-expected draw in oil inventories, alleviating worries over global glut.

Crude for June delivery rose $0.53 to $48.19 per barrel.

The latest weekly data from the American Petroleum Institute showed that U.S. oil inventories fell 4.16 million barrels in the week ended April 28. This was higher than the expected fall of 2 million barrels and follows a 0.9 million barrel drop in the previous week.

Gasoline supplies showed a surprise fall of 1.93 million barrels and distillates dropped 440,000 barrels.

Markets await official data from the Energy Information Administration later in the day for more indications about supply outlook.

Economists expect the crude oil inventories to have fallen by 2.33 million barrels last week, while distillates and gasoline supplies are seen rising by 723,000 barrels and 1.32 million barrels, respectively.

Also in focus is the highly anticipated Fed decision due later in the day. The Fed is widely expected to leave interest rates unchanged, but investors will pay close attention to the accompanying statement for clues about future rate hikes.

The loonie showed mixed performance in the Asian session. While the loonie dropped against the euro and the greenback, it held steady against the yen. Against the aussie, it rose.

The loonie bounced off to 81.84 against the yen and 1.3713 against the greenback, from its early lows of 81.59 and 1.3740, respectively. The loonie is likely to locate resistance around 83.00 against the yen and 1.35 against the greenback.

The loonie firmed to a 2-day high of 1.0254 against the aussie, after having fallen to a 6-month low of 1.0346 at 8:00 pm ET. The next possible resistance for the loonie is seen around the 1.01 region.

The latest survey from the Australian Industry Group showed that Australia's service sector continued to expand in April, and at a faster rate, with a Performance of Service Index score of 53.0.

That's up from 51.7 in March, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The loonie edged up to 1.4960 against the euro, off its early 6-month low of 1.5010. If the loonie extends rise, 1.47 is possibly seen as its next resistance level.

Flash estimate from Eurostat showed that Eurozone economic growth rate remained stable in the first quarter.

Gross domestic product expanded 0.5 percent sequentially, the same pace of growth as seen in the fourth quarter, and in line with expectations.

Looking ahead, ADP private sector payrolls data and ISM non-manufacturing composite index for April are set for release in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rates. Economists forecast the central bank to keep the benchmark rate unchanged at 1.00 percent.

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