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Forex News: Canadian Dollar Higher As BoC Keeps Rates Steady;

Canadian Dollar Higher As BoC Keeps Rates Steady; Hints At Further Rate Hikes

05/30/2018 - 10:42:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked up against its major counterparts in the New York session on Wednesday, after the Bank of Canada decided to keep benchmark rate unchanged and signaled the possibility of further rate hikes to keep inflation near target.

The BoC kept the borrowing costs unchanged at 1.25 percent, in line with forecasts.

The bank noted that inflation, which had been close to the 2 percent target, would likely be a bit higher in the near term than forecast in April, due to recent increases in gasoline prices.

The recent developments further reinforce Governing Council's view that higher interest rates would be warranted to keep inflation near target, it said.

Crude oil futures rose ahead of U.S. oil inventories data.

Crude for July delivery rose $0.67 to $67.40 per barrel.

Saudi Arabia, Kuwait and UAE are scheduled to meet Sunday to discuss whether to start pumping oil at a more vigorous pace.

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

The loonie strengthened to a 2-day high of 84.56 against the yen, after having fallen to 83.16 at 7:45 pm ET. The next possible resistance for the loonie is seen around the 86.00 level.

Survey data from Cabinet Office showed that Japan's consumer confidence improved marginally in May.

The seasonally adjusted consumer confidence index rose to 43.8 in May from 43.6 in April. The index was forecast to rise to 43.9.

Reversing from an early low of 1.3040 against the greenback, the loonie firmed to a 5-day high of 1.2883. The loonie is seen finding resistance around the 1.275 level.

The loonie spiked up to 1.4958 against the euro, its strongest since January 10. The loonie is likely to find resistance around the 1.47 level.

Survey results from European Commission showed that Eurozone economic sentiment weakened to a 9-month low in May.

The economic confidence index dropped to 112.5 in May from 112.7 in April. This was the lowest reading since August 2017 but above the expected score of 112.0.

The loonie advanced to a 6-day high of 0.9714 against the aussie, from a low of 0.9806 seen at 7:00 am ET. If the loonie continues its rise, 0.96 is possibly seen as its next resistance level.

Looking ahead, the Federal Reserve's Beige book report will be out at 2:00 pm ET.

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