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Forex News: Canadian Dollar Higher After Solid GDP Data

Canadian Dollar Higher After Solid GDP Data

06/28/2019 - 09:51:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked higher against its major counterparts in the European session on Friday, after a data showed that Canadian economy expanded at a faster pace than forecast in April, pointing to a strong economic growth in the second quarter.

Data from Statistics Canada showed that gross domestic product rose 0.3 percent on a seasonally adjusted monthly basis in April following a 0.5 percent increase in March. Economists had expected the economy to expand by 0.2 percent.

On year, GDP grew 1.5 percent in April from 1.4 percent last month. The growth matched economists forecasts.

Separate data showed that prices for products manufactured in Canada unexpectedly rose in May.

On a monthly basis, the Industrial Product Price Index edged up 0.1 percent in May following a 0.8 percent rise in April. Economists had forecast a 0.1 percent drop.

Oil prices strengthened as leaders of Group of 20 economies gathered in Osaka, Japan to discuss possible resolutions to the trade war.

U.S. President Donald Trump and Chinese President Xi Jinping will meet on Saturday, with investors expecting to reach some sort of agreement to avoid the imposition of additional tariffs on each other's products.

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

The loonie appreciated to an 8-day high of 1.4874 against the euro, following a decline to 1.4919 at 4:45 am ET. The loonie is likely to target resistance around the 1.47 region.

The loonie strengthened to 1.3068 against the greenback, its biggest since February 1. The next possible resistance for the loonie is seen around the 1.29 mark.

The loonie climbed to more than a 5-week high of 82.43 against yen and a weekly high of 0.9154 versus the aussie, from its early lows of 82.12 and 0.9186, respectively. On the upside, 84.00 and 0.89 are likely seen as the next resistance levels for the loonie against the yen and the aussie, respectively.

Looking ahead, the University of Michigan's final consumer sentiment index for June will be published at 10:00 am ET.

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