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Forex News: Canadian Dollar Advances As Oil Prices Climb Before

Canadian Dollar Advances As Oil Prices Climb Before OPEC Meeting

05/24/2017 - 06:44:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its most major rivals in the early European session on Wednesday, as oil prices strengthened ahead of the OPEC meeting in Vienna that is widely estimated to extend ongoing output cuts to rein in global glut.

Crude for July delivery rose $0.28 to $51.75 per barrel.

The OPEC nations and other producers, including Russia, are expected to agree on a nine-month extension to the production cuts when they meet on Thursday. If confirmed by all nations, ongoing deal earmarking production cuts by 1.18 million barrels a day would be extended until March 2018.

Further underpinning oil prices were an industry data showing a draw of 1.5 million barrels in crude oil inventories last week. Gasoline stocks fell by 3.15 million barrels and distillate inventories eased 1.85 million barrels, the American Petroleum Institute report showed.

This is followed by official data from the Energy Information Administration later in the day. Economists expect the crude inventories to drop by 2.419 million barrels, distillates to fall by 743,000 barrels and gasoline stocks to be lower by 1.19 million barrels.

Meanwhile, European stocks were little changed ahead of the minutes for the May 2-3 FOMC meeting later in the day, with investors looking for signs on whether the Fed will lift rates in June.

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

Reversing from an early 2-day low of 1.3540 against the greenback, the loonie firmed to 1.3502. Continuation of the loonie's uptrend may see it challenging resistance around the 1.34 region.

The loonie strengthened to a 2-day high of 1.5090 against the euro, compared to 1.5105 hit late New York Tuesday. If the loonie rises further, 1.49 is possibly seen as its next resistance level.

Survey by the GfK market research group showed that Germany's consumer confidence is set to continue its rising trend in June on the back of further improvement in expectations on income and economy, defying expectations for stability.

The forward-looking Consumer Confidence Index rose to 10.4 points from 10.2 points in May. Economists had expected the measure to remain unchanged.

The loonie spiked up to 82.91 against the yen, its strongest since May 17. The next possible resistance for the loonie-yen pair is seen around the 84.00 mark.

Data from the Cabinet Office showed that Japan's leading index increased to a 21-month high in March as initially estimated.

The leading index, which measures the future economic activity, rose to 105.5 in March from 104.7 in February.

On the flip side, the loonie retreated to 1.0098 against the aussie, from a 2-day high of 1.0075 hit at 12:45 am ET. The pair finished Tuesday's trading at 1.0100.

Looking ahead, at 8:45 am ET, the ECB President Mario Draghi speaks at the First Conference on Financial Stability organised by Bank of Spain, in Madrid.

The U.S. house price index for March, existing home sales for April and the Federal Reserve's minutes of the May meeting are due in the New York session.

The Bank of Canada announces its decision on interest rates at 10:00 am ET. Economists expect the bank to keep rates on hold at 0.50 percent.

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