FOREX TradingCharts.com

Forex News: Canadian Dollar Advances After Strong GDP Data

Canadian Dollar Advances After Strong GDP Data

08/31/2017 - 10:15:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major opponents in the European session on Thursday, after a data showed that the nation's economic growth improved more than forecast in the second quarter.

Data from Statistics Canada showed that the GDP grew 4.5 percent on a seasonally adjusted annualized basis in the second quarter.

This follows a 3.7 percent increase in the prior quarter, which have been expected to remain unchanged.

On a monthly basis, the GDP rose 0.3 percent, compared to the prior month's expansion of 0.6 percent. The estimate was higher than forecasts for a 0.1 percent rise.

Further underpinning the currency was higher oil prices, which rose on the back of better than expected Chinese factory activity data in August.

Crude for October delivery rose $0.61 to $46.56 per barrel.

The loonie fell against its major rivals in the Asian session, with the exception of the yen.

The loonie advanced to 1.2554 against the greenback, from near a 2-week low of 1.2663 hit at 2:15 am ET. On the upside, 1.24 is possibly seen as the next resistance for the loonie.

The loonie hit a 2-day high of 0.9906 against the aussie, off its early low of 1.0002. Further gains may take the loonie to a resistance around the 0.97 region.

The loonie strengthened to 88.01 against the Japanese yen, a level unseen since August 4. The loonie is seen finding resistance around the 89.00 area.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts declined more than expected in July.

Housing starts decreased 2.3 percent year-on-year in July, in contrast to a 1.7 percent rise in June. This was also bigger than the expected drop of 0.2 percent.

The loonie reversed from an early 2-day low of 1.5051 against the euro, rising to a 3-day high of 1.4869. Continuation of the loonie's uptrend may see it challenging resistance around the 1.46 mark.

Flash data from Eurostat showed that inflation accelerated to 1.5 percent in August from 1.3 percent in July. This was the highest since April and above the expected rate of 1.4 percent

Core inflation that excludes energy, food, alcohol and tobacco, held steady at 1.2 percent in August.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Lower After U.S. Economic Data; Fed Decision Awaited (01 hr(s), 26 min(s), 48 sec(s) ago)
(RTTNews) - The U.S. dollar was lower against its most major opponents in the European session on ...Full Story»

Dollar Little Changed After U.S. Economic Data (02 hr(s), 35 min(s), 47 sec(s) ago)
(RTTNews) - Following the release of the U.S. housing starts, building permits and export and impo ...Full Story»

Dollar Mixed Ahead Of U.S. Economic Data (02 hr(s), 41 min(s), 48 sec(s) ago)
(RTTNews) - The U.S. housing starts, building permits and export and import prices for August are ...Full Story»

U.S. Dollar Strengthens Against Euro, Franc (03 hr(s), 02 min(s), 48 sec(s) ago)
(RTTNews) - Reversing direction, the U.S. dollar advanced against the euro and the Swiss franc in ...Full Story»

Euro Little Changed After German ZEW Economic Confidence Index (06 hr(s), 05 min(s), 48 sec(s) ago)
(RTTNews) - At 5:00 am ET Tuesday, Germany's ZEW economic confidence survey data for September ...Full Story»

Euro Mixed Ahead Of German ZEW Economic Confidence Index (06 hr(s), 14 min(s), 48 sec(s) ago)
(RTTNews) - At 5:00 am ET Tuesday, Germany's ZEW economic confidence survey data for September ...Full Story»

Canadian Dollar Falls Following BOC Deputy Governor Lane's Remarks (07 hr(s), 59 min(s), 47 sec(s) ago)
(RTTNews) - The Canadian dollar weakened against other major currencies in the Asian session on Tu ...Full Story»

Pound Advances On BoE Rate Hike Hopes (08 hr(s), 05 min(s), 48 sec(s) ago)
(RTTNews) - The pound climbed against its most major counterparts in the Asian session on Tuesday, ...Full Story»

Search

FOREX NEWS

Dollar Lower After U.S. Economic Data; Fed Decision Awaited

09/19/2017 - 09:42 AM (RTTNews)
(RTTNews) - The U.S. dollar was lower against its most major opponents in the European session on ...Full Story>>

Dollar Little Changed After U.S. Economic Data

09/19/2017 - 08:33 AM (RTTNews)
(RTTNews) - Following the release of the U.S. housing starts, building permits and export and impo ...Full Story>>

Dollar Mixed Ahead Of U.S. Economic Data

09/19/2017 - 08:27 AM (RTTNews)
(RTTNews) - The U.S. housing starts, building permits and export and import prices for August are ...Full Story>>

U.S. Dollar Strengthens Against Euro, Franc

09/19/2017 - 08:08 AM (RTTNews)
(RTTNews) - Reversing direction, the U.S. dollar advanced against the euro and the Swiss franc in ...Full Story>>

Euro Little Changed After German ZEW Economic Confidence Index

09/19/2017 - 05:03 AM (RTTNews)
(RTTNews) - At 5:00 am ET Tuesday, Germany's ZEW economic confidence survey data for September ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.