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Forex News: Canadian Dollar Climbs After Better Than Expected GDP

Canadian Dollar Climbs After Better Than Expected GDP Data

06/29/2018 - 09:46:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major opponents in the European session on Friday, as a data showed that Canadian economy expanded more than forecast in April.

Data from Statistics Canada showed that Canada's gross domestic product edged up 0.1 percent on a seasonally adjusted monthly basis in April, following a 0.3 percent increase in March.

Economists were looking for a flat reading.

Separate data showed that Canadian industrial product price index rose more than forecast in May, mainly due to higher prices for energy and petroleum products.

The Industrial Product Price Index increased 1.0 percent in May, up from a 0.5 percent gain in April.

The index was forecast to rise to 0.9 percent.

The Raw Materials Price Index rose 3.8 percent, beating forecasts of 2.7 percent.

This follows a 0.7 percent increase in April.

Oil prices rose following an official data showing a larger than expected draw in crude stockpiles last week.

The Energy Information Administration said U.S. oil inventories plunged 9.9 million barrels last week, compared to a 3 million-barrel decline expected by economists.

Crude for August delivery rose $0.06 to $73.51 per barrel.

The loonie traded mixed against its major counterparts in the Asian session. While it fell against the euro and the aussie, it rose against the yen and the greenback.

The loonie climbed to an 11-day peak of 83.87 against the yen, up from a low of 83.25 hit at 8:45 pm ET. If the loonie continues its rise, 85.00 is possibly seen as its next resistance level. Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts grew unexpectedly in May.

Housing starts advanced 1.3 percent annually, faster than the 0.3 percent increase seen in April. Housing starts were forecast to drop 5.7 percent in May.

Extending early rally, the loonie spiked up to an 11-day high of 1.3191 against the greenback. The loonie is seen challenging resistance around the 1.30 area.

The loonie bounced off to 0.9743 against the aussie, heading to pierce more than a 4-week high of 0.9731 seen at 9:15 pm ET. On the upside, 0.96 is likely seen as the next resistance level for the loonie.

The loonie recovered to 1.5352 against the euro, off an early 2-day low of 1.5458.This may be compared to a 10-day peak of 1.5320 seen at 5:30 pm ET. Next key resistance for the loonie is likely seen around the 1.52 level.

Flash data from Eurostat showed that Eurozone inflation increased in June on food and energy prices.

Inflation rose to 2 percent in June, in line with forecast, from 1.9 percent in May. The European Central Bank's targets 'below, but close to 2 percent'.

Looking ahead, U.S. final consumer sentiment index for June is scheduled for release shortly.

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