FOREX TradingCharts.com

Forex News: Canadian Dollar Climbs As Oil Prices Rise On

Canadian Dollar Climbs As Oil Prices Rise On OPEC Hopes

11/30/2017 - 09:32:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its major rivals in the European deals on Thursday, as oil prices rose amid media reports that OPEC is likely to extend its supply quota deal by nine months through the end of 2018.

Crude for January delivery rose $0.45 to $57.75 per barrel.

Saudi Arabia oil minister Khalid al-Falih told reporters that he opts for a nine-month extension of existing cuts and wants support from other countries.

"Market stability has improved and the sentiment is generally upbeat. The rebalancing trend has accelerated and inventories are on a generally declining trend," he said.

Wednesday's U.S. inventories data showing a significant decline in domestic inventories also propped up oil prices.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week.

This follows a decline of more than 6 million barrels the previous week, and contrasts this week's report from the American Petroleum Institute which showed a surprising build in stockpiles.

Investors also awaited the U.S. Senate vote on major tax reform bill due today or tomorrow. The chamber cleared a procedural vote on Wednesday by a margin of 52-48 to begin formal debate on tax legislation.

The currency traded mixed in the Asian session. While it fell against the euro and the aussie, it rose against the yen. Against the greenback, it held steady.

The loonie recovered to 1.2876 against the greenback, from an early new 4-week low of 1.2902. If the loonie rises further, 1.27 is possibly seen as its next resistance level.

The loonie bounced off to 87.24 against the yen, from a low of 86.94 hit at 5:00 pm ET. This may be compared to a 3-day high of 87.29 hit at 4:15 am ET. Next key resistance for the loonie-yen pair is seen around the 88.00 region.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts declined for the fourth straight month in October, and at a faster-than-expected pace.

Housing starts fell 4.8 percent year-on-year in October, bigger than September's 2.9 percent decrease. That was also above the 2.8 percent drop economists had forecast.

Following a 3-week low of 0.9765 hit at 12:45 am ET, the loonie rose back to 0.9736 against the aussie. The loonie is seen finding resistance around the 0.96 mark.

On the flip side, the loonie weakened to a 1-1/2-year low of 1.5288 against the euro, off its early high of 1.5224. On the downside, 1.55 is possibly seen as its next support level.

Flash data from Eurostat showed that Eurozone inflation increased in November largely due to higher energy prices.

Consumer prices advanced 1.5 percent year-on-year in November, following October's 1.4 percent increase. Inflation was forecast to rise to 1.6 percent.

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 Rising Ahead Of FOMC Decision (17 min(s), 05 sec(s) ago)
(RTTNews) - The dollar is up against its major European rivals Tuesday afternoon, but has given ba ...Full Story»

Dollar Advances As Producer Prices Beat Forecasts; FOMC Decision In Focus (59 min(s), 06 sec(s) ago)
(RTTNews) - The U.S. dollar strengthened against its most major opponents in the European session ...Full Story»

Dollar Rises Further Vs Most Majors After U.S. PPI (02 min(s), 05 sec(s) ago)
(RTTNews) - Following the release of U.S. producer price index for November at 8:30 am ET Tuesday, ...Full Story»

Dollar Rises Vs Most Majors Ahead Of U.S. PPI (50 min(s), 05 sec(s) ago)
(RTTNews) - The Labor Department will publish producer price index or PPI for November at 8:30 am ...Full Story»

Pound Falls Despite Upbeat U.K. Inflation Data (38 min(s), 05 sec(s) ago)
(RTTNews) - The pound dropped against its major rivals in the European session on Tuesday, even as ...Full Story»

Euro Little Changed After German ZEW Economic Sentiment Index (29 min(s), 05 sec(s) ago)
(RTTNews) - After the release of Germany's ZEW economic confidence index for December at 5:00 ...Full Story»

Euro Mixed Ahead Of German ZEW Economic Sentiment Index (20 min(s), 05 sec(s) ago)
(RTTNews) - At 5.00 am ET Tuesday, Germany's ZEW economic confidence survey results are due. T ...Full Story»

Pound Recovers After U.K. CPI, PPI (59 min(s), 06 sec(s) ago)
(RTTNews) - Following the release of UK consumer and producer prices for November at 4.30 am ET Tu ...Full Story»

Search

FOREX NEWS

Dollar Rising Ahead Of FOMC Decision

12/12/2017 - 14:53 PM (RTTNews)
(RTTNews) - The dollar is up against its major European rivals Tuesday afternoon, but has given ba ...Full Story>>

Dollar Advances As Producer Prices Beat Forecasts; FOMC Decision In Focus

12/12/2017 - 09:35 AM (RTTNews)
(RTTNews) - The U.S. dollar strengthened against its most major opponents in the European session ...Full Story>>

Dollar Rises Further Vs Most Majors After U.S. PPI

12/12/2017 - 08:37 AM (RTTNews)
(RTTNews) - Following the release of U.S. producer price index for November at 8:30 am ET Tuesday, ...Full Story>>

Dollar Rises Vs Most Majors Ahead Of U.S. PPI

12/12/2017 - 08:26 AM (RTTNews)
(RTTNews) - The Labor Department will publish producer price index or PPI for November at 8:30 am ...Full Story>>

Pound Falls Despite Upbeat U.K. Inflation Data

12/12/2017 - 06:12 AM (RTTNews)
(RTTNews) - The pound dropped against its major rivals in the European session on Tuesday, even as ...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.