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Forex News: Canadian Dollar Extends Rise After Canada GDP Data

Canadian Dollar Extends Rise After Canada GDP Data

06/30/2017 - 09:28:00 (RTTNews)

(RTTNews) - The Canadian dollar extended its early rally against its major opponents in European deals on Friday, as the Canadian economy expanded as expected in April, adding to hopes for a Bank of Canada rate hike soon.

Data from Statistics Canada showed that Canadian GDP rose 0.2 percent on a seasonally adjusted monthly basis in April.

This was in line with economists' expectations and follows a 0.5 percent growth in March.

The currency was also supported by higher oil prices, which was underpinned by the EIA data showing temporary dip in U.S. oil production last week.

Crude for August delivery rose $0.34 to $45.27 per barrel.

Baker Hughes releases its U.S. rig count data later in the day. Drillers have added rigs 22 weeks in a row, the longest streak ever.

The loonie has been trading in a positive territory in the Asian session, after upbeat Chinese manufacturing PMI data for June.

The loonie firmed to 1.2946 against the greenback, a level not seen since September 2016. Continuation of the loonie's uptrend may see it challenging resistance around the 1.28 region.

The loonie strengthened to a weekly high of 1.4780 against the euro, compared to Thursday's closing value of 1.4872. If the loonie extends rise, 1.45 is likely seen as its next resistance level.

Flash data from Eurostat showed that Eurozone inflation eased slightly in June on slowing energy price growth.

Consumer prices climbed 1.3 percent year-on-year in June, slightly slower than the 1.4 percent increase seen in May. Inflation was forecast to slow to 1.2 percent.

Reversing from an early low of 86.08 against the yen, the loonie edged up to 86.53. The loonie is poised to target 88.00 as the next resistance level.

Data from the Ministry of Internal Affairs and Communications showed that Japan's consumer prices rose 0.4 percent in May.

That was unchanged from the previous month, although it was shy of expectations for 0.5 percent.

The loonie, having fallen to a 2-day low of 1.0009 against the aussie at 9:00 pm ET, changed course and edged up to 0.9955. The next possible resistance for the loonie may be found around the 0.98 area.

Data from the Reserve Bank of Australia showed that Australia's private sector credit increased at a steady rate in May, in line with expectations.

Private sector credit climbed a seasonally adjusted 0.4 percent month-over-month in May, the same rate of rise as in April. The figure also matched consensus estimate.

Looking ahead, Chicago PMI and University of Michigan's final consumer sentiment index for June are due shortly.

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