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Forex News: Canadian Dollar Advances On Rising Oil Prices

Canadian Dollar Advances On Rising Oil Prices

03/30/2017 - 09:41:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against the other major currencies in the European session on Thursday amid rising oil prices, with strong GDP report from the U.S. and smaller-than-expected build in U.S. inventories lifting sentiment.

Crude for May delivery rose $0.38 to $49.89 per barrel.

Data from the Commerce Department showed that U.S. gross domestic product increased more than previously estimated in the fourth quarter of 2016.

The real GDP climbed by 2.1 percent in the fourth quarter compared to the previously reported 1.9 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.0 percent.

The Energy Information Administration reported Wednesday that crude inventories increased 867,000 barrels last week, less than estimates for a build of 1.2 barrels. At the same, the data showed a 3.7 million-barrel drop in gasoline stocks last week in a sign of impending demand of crude oil in the coming months.

Meanwhile, European stocks are trading mixed, as comments from several Federal Reserve officials put rate hikes back in focus and Britain embarked on a path of tough negotiations after formally notifying the European Union of the U.K.'s intention to leave.

Data from Statistics Canada showed that Canada industrial product price index rose in February, primarily attributed by higher prices for meat, fish and dairy products and primary non-ferrous metal products.

The index edged up 0.1 percent in February, following a revised 0.6 percent gain in the previous month. The index was forecast to rise 0.4 percent.

The loonie held steady against its major rivals in the Asian session. While the currency rose against the aussie and the yen, it held steady against the greenback and the euro.

Reversing from an early low of 1.3346 against the greenback, the loonie climbed to a 9-day high of 1.3305.The loonie is seen finding resistance around the 1.30 mark.

The loonie firmed to a 2-week high of 1.4267 against the euro, compared to Wednesday's closing value of 1.4347. Continuation of the loonie's uptrend may see it challenging resistance around the 1.41 level.

Survey results from the European Commission showed that Eurozone economic confidence weakened unexpectedly in March.

The economic sentiment index fell slightly to 107.9 in March from 108.0 in February. The score was forecast to rise to 108.3.

The loonie resumed its early rally against the yen, rising to a 9-day high of 83.81. The loonie is poised to locate resistance around the 85.00 region.

The loonie advanced to a 2-day high of 1.0191 against the aussie, after having fallen to 1.0238 at 6:00 am ET. The next possible resistance for the loonie may be found around the 0.99 area.

Data from the Housing Industry Association showed that Australia's new home sales increased marginally in February, after falling in the previous month.

Total home sales edged up a seasonally adjusted 0.2 percent month-over-month in February, reversing a 2.2 percent decline in January.

Looking ahead, Cleveland Fed President Loretta Mester speaks on "Payment System Improvement" at the Tenth Annual Risk Conference co-hosted by the Federal Reserve Bank of Chicago and the DePaul University Center for Financial Services, in Chicago, Illinois at 9:45 am ET.

Dallas Fed President Robert Kaplan speaks at the US Chamber of Commerce in Washington DC at 11:00 am ET.

San Francisco Fed President John Williams participates in a panel before the Strong, Prosperous and Resilient Communities Challenge (SPARCC) event in New York at 11:15 am ET.

New York Fed President William Dudley speaks at the Financial Literacy Day and Laboratory Dedication hosted by the University of South Florida Sarasota-Manatee, in Sarasota, Florida at 4:30 pm ET.

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