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Forex News: Canadian Dollar Climbs After Strong Inflation, Retail Sales

Canadian Dollar Climbs After Strong Inflation, Retail Sales Data

07/20/2018 - 09:50:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in early New York deals on Friday, following the releases of better than expected Canadian consumer inflation for June and retail sales for May.

Data from Statistics Canada showed that consumer prices edged up 0.1 percent on a seasonally adjusted monthly basis in June, the same rate as seen in the previous month.

The rate was expected to be flat.

Core inflation rose 0.2 percent on month, after falling 0.1 percent a month earlier.

Separate data showed that retail sales grew more than expected in May.

The retail sales rose 2 percent on month in May, following a 1.2 percent drop in the previous month.

Economists had expected sales to rise to 1 percent.

Core retail sales improved to 1.4 percent, compared to a 0.1 percent slide last month.

Core retail sales have been expected to climb by 0.5 percent.

Oil prices rose, but remained on track for a weekly drop on concerns about rising supplies and amid fears that a downturn in major economies following an escalation of protectionist measures could hamper demand for the commodity.

The currency has been trading in a positive territory against its major counterparts in the European session.

The loonie hit a 3-day high of 1.3139 against the greenback, following a decline to a session's low of 1.3290 at 9:45 pm ET. If the loonie continues its rise, 1.30 is possibly seen as its next resistance level.

The loonie climbed to 1.5359 against the euro, after falling to more than a 3-week low of 1.5468 at 2:00 am ET. On the upside, 1.52 is likely seen as the next resistance level for the loonie.

Data from the European Central Bank showed that the euro area current account surplus declined notably in May.

The current account surplus fell to a seasonally adjusted EUR 22.44 billion from EUR 29.55 billion in April. This was the lowest since March 2015, when it totaled EUR 19.46 billion.

Reversing from an early 9-day low of 84.51 against the yen, the loonie edged up to 85.25. The loonie is likely to find resistance around the 87.00 level.

Data from the Ministry of Internal Affairs and Communications showed that Japan consumer prices rose 0.7 percent on year in June.

That was unchanged from the May reading, although it was shy of expectations for 0.8 percent.

Having fallen to 0.9782 against the aussie at 2:00 am ET, the loonie reversed direction and rose to 0.9710. The next possible resistance for the loonie is seen around the 0.96 level.

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