FOREX TradingCharts.com

Forex News: Canadian Dollar Advances As Oil Prices Rise

Canadian Dollar Advances As Oil Prices Rise

08/16/2019 - 03:42:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the Asian session on Friday, as encouraging retail sales figures from the U.S. helped ease some concerns about a recession in the world's biggest economy.

Crude for September delivery rose $0.64 to $55.11 per barrel. Official data showed that U.S. retail sales rose 0.7 percent in July compared to a revised 0.3 percent increase in June. Economists had expected a gain of 0.3 percent.

The data relieved some of the worries over a potential recession that prompted a sell-off in global markets.

Reuters reported that China is planning to unleash stimulus to support its economy.

Investors have increased bets for the European Central Bank's stimulus measures at the September meeting following comments from policy maker Olli Rehn.

Rehn on Thursday flagged the need for a significant easing package in September to support the flagging euro zone economy. The loonie appreciated to 79.82 against the yen, from a low of 79.59 hit at 8:30 pm ET. The loonie is seen finding resistance around the 82.00 level.

After a decline to 1.3325 versus the greenback at 9:45 pm ET, the loonie reversed direction with the pair trading at 1.3300. If the loonie rises further, 1.30 is seen as its next resistance level.

The loonie strengthened to a 2-day high of 1.4764 against the euro from Thursday's closing value of 1.4786. The next possible resistance for the loonie is seen around the 1.45 level.

The loonie was mildly higher against the aussie with the pair trading at 0.9031. This followed an 8-day low of 0.9048 set at 11:00 pm ET. On the upside, 0.89 is possibly seen as the next resistance level for the loonie.

Looking ahead, Eurozone trade data for June is due in the European session.

In the New York session, U.S. housing starts and building permits for July and University of Michigan's preliminary consumer sentiment index for August are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed Following NAHB Housing Market Index (01 hr(s), 38 min(s), 05 sec(s) ago)
(RTTNews) - After the release of the National Association of Home Builders' homebuilder confid ...Full Story»

Dollar Mixed Ahead Of NAHB Housing Market Index (01 hr(s), 47 min(s), 05 sec(s) ago)
(RTTNews) - At 10 am ET Tuesday, the National Association of Home Builders is due to release its r ...Full Story»

Dollar Little Changed Following U.S. Industrial Production (02 hr(s), 26 min(s), 05 sec(s) ago)
(RTTNews) - Following the release of U.S. industrial production for August at 9:15 am ET Tuesday, ...Full Story»

Dollar Falls Vs Most Majors Ahead Of U.S. Industrial Production (02 hr(s), 32 min(s), 05 sec(s) ago)
(RTTNews) - The Federal Reserve is scheduled to release its report on industrial production in the ...Full Story»

Canadian Dollar Slides On Weak Oil Prices (03 hr(s), 32 min(s), 05 sec(s) ago)
(RTTNews) - The Canadian dollar slipped against its major counterparts in the European session on ...Full Story»

Euro Little Changed Following German ZEW Economic Sentiment Index (06 hr(s), 38 min(s), 05 sec(s) ago)
(RTTNews) - After the release of German ZEW economic confidence survey results at 5.00 am ET Tuesd ...Full Story»

Euro Rises Ahead Of German ZEW Economic Sentiment Index (06 hr(s), 47 min(s), 04 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Germany's ZEW economic confidence survey results are due. T ...Full Story»

Australian Dollar Drops As RBA Minutes Indicate Further Easing (08 hr(s), 14 min(s), 05 sec(s) ago)
(RTTNews) - The Australian dollar fell against its major counterparts in the Asian session on Tues ...Full Story»

Search

FOREX NEWS

Dollar Little Changed Following NAHB Housing Market Index

09/17/2019 - 10:04 AM (RTTNews)
(RTTNews) - After the release of the National Association of Home Builders' homebuilder confid ...Full Story>>

Dollar Mixed Ahead Of NAHB Housing Market Index

09/17/2019 - 09:55 AM (RTTNews)
(RTTNews) - At 10 am ET Tuesday, the National Association of Home Builders is due to release its r ...Full Story>>

Dollar Little Changed Following U.S. Industrial Production

09/17/2019 - 09:17 AM (RTTNews)
(RTTNews) - Following the release of U.S. industrial production for August at 9:15 am ET Tuesday, ...Full Story>>

Dollar Falls Vs Most Majors Ahead Of U.S. Industrial Production

09/17/2019 - 09:10 AM (RTTNews)
(RTTNews) - The Federal Reserve is scheduled to release its report on industrial production in the ...Full Story>>

Canadian Dollar Slides On Weak Oil Prices

09/17/2019 - 08:11 AM (RTTNews)
(RTTNews) - The Canadian dollar slipped against its major counterparts in the European session on ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.