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Forex News: Canadian Dollar Advances On Higher Oil Prices

Canadian Dollar Advances On Higher Oil Prices

09/20/2017 - 08:25:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its most major counterparts in the European session on Wednesday amid rising oil prices, as an industry data showed that U.S. crude inventories rose less than expected last week.

Crude for November delivery rose $0.56 to $50.48 per barrel.

Data from the American Petroleum Institute showed a build of 1.4 million barrels in U.S. crude stockpiles last week, well short of expectations for an increase of 2.925 million barrels.

Official data from the Energy Information Administration is due later in the day, with analysts expecting a build of 2.4 million barrels in crude inventories.

Market participants await a meeting between OPEC and non-OPEC producers in Vienna on Friday to review compliance with the output cut deal.

The Fed concludes its 2-day meeting later in the day, with many expecting no change in interest rates.

That said, the accompanying statement may offer the details of how the central bank plans to start shrinking its $4.5 trillion balance sheet.

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

The loonie climbed to 1.4692 against the euro, after having fallen to 1.4759 at 10:15 pm ET. The next possible resistance for the loonie is seen around the 1.45 region.

Data from Destatis showed that Germany's producer prices increased at the fastest pace in three months in August.

Producer prices increased 2.6 percent year-on-year in August, faster than the 2.3 percent rise seen in July.

The loonie hit a 2-day high of 1.2236 against the greenback, following a decline to 1.2302 at 8:15 pm ET. If the loonie rises further, 1.21 is likely seen as its next resistance level.

The loonie edged up to 90.95 against the Japanese yen, compared to 90.77 hit late New York Tuesday. Continuation of the loonie's uptrend may see it challenging resistance around the 93.00 region.

Data from the Ministry of Finance showed that Japan posted a merchandise trade surplus of 113.642 billion yen in August.

That beat forecasts for a surplus of 104.4 billion yen, although it was down from 418.8 billion yen in July.

On the flip side, the loonie held steady against the aussie, following a 2-week decline to 0.9878 at 2:30 am ET. The pair finished Tuesday's trading at 0.9844.

Data from the Westpcac Institutional Bank showed that Australia's leading index remained in negative territory for the third successive month in August.

The Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, dropped to -0.19 percent in August from -0.04 percent in July.

Looking ahead, U.S. existing home sales data for August and crude oil inventories data are slated for release in the New York session.

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