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Forex News: Canadian Dollar Advances On Rising Oil Prices

Canadian Dollar Advances On Rising Oil Prices

08/22/2019 - 09:09:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the European session on Thursday, as oil prices rose following a U.S. government data showing a drop in US crude inventories.

Crude for October delivery rose $0.41 to $56.09 per barrel.

Data released by Energy Information Administration on Wednesday showed that U.S. crude stockpiles dropped by 2.7 million barrels in the week ended August 16, after registering increases in the previous two weeks.

However, gasoline inventories were up 300,000 barrels last week and distillate stockpiles increased by 2.6 million barrels.

Oil markets also remained supported by simmering tensions between the United States and Iran, with Iranian President Hassan Rouhani striking a muscular tone on dealings with the United States.

In a speech in Tehran during the unveiling of the Bavar-373, Rouhani said that talks are useless when enemies do not accept logic.

Iran's state TV reported that the Bavar-373 is able to recognize up to 100 targets at a same time and confront them with six different weapons.

The currency declined against its major counterparts in the Asian session, excepting the aussie.

The loonie advanced to 80.27 against the yen, from a low of 79.84 hit at 2:15 am ET. The next possible resistance for the loonie is seen around the 81.5 level.

Survey results from IHS Markit showed that Japan's private sector grew at the fastest pace in eight months in August driven by services activity.

The Jibun Bank flash composite output index rose to 51.7 in August from 50.6 in July. A score above 50 indicates expansion.

The loonie, having declined to 1.3315 against the greenback at 2:00 am ET, reversed direction and edged higher to 1.3278. Next immediate resistance for the loonie is eyed around the 1.30 level.

The Canadian currency appreciated to 1.4710 against the euro, following a decline to 1.4766 at 4:00 am ET. If the loonie rises further, 1.46 is likely seen as its next resistance level.

Flash survey data from IHS Markit showed that the euro area private sector grew at a moderate pace in August.

The composite output index rose unexpectedly to 51.8 in August from a 3-month low of 51.5 in July. Economists had forecast a score of 51.2.

Reversing from a low of 0.9017 seen at 7:00 pm ET, the loonie bounced off to hit a 3-day high of 0.8983 against the aussie. The loonie is seen finding resistance around the 0.88 level.

Survey data from IHS Markit showed that Australia's private sector contracted for the first time in five months in August reflecting the weakness in the service sector.

The Commonwealth Bank of Australia flash composite output index fell to 49.5 in August from 52.1 in July.

Looking ahead, the U.S. leading index for July will be featured in the New York session.

Eurozone flash consumer sentiment index for August is set for release at 10:00 am ET.

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