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Forex News: Canadian Dollar Mixed After GDP Data

Canadian Dollar Mixed After GDP Data

05/31/2017 - 09:20:00 (RTTNews)

(RTTNews) - The Canadian dollar traded mixed against its major counterparts in the European session on Wednesday, after data showed that Canada's economic growth improved in the first quarter, led by strength in final domestic demand.

Data from Statistics Canada showed that the GDP grew 0.9 percent on quarter in the first quarter, from a 0.7 percent gain in the final three months of 2016.

On an annualized basis, real GDP roseĀ 3.7 percent in the first quarter, following a 2.7 percent growth in the preceding quarter. Economists were expecting an expansion of 4.2 percent.

The currency was trading lower ahead of the data release, pressured by falling oil prices, as indications of rising output in Libya and U.S. fueled worries over global glut.

Libyan oil production is expected to rise 800,000 barrels per day, while U.S. shale oil production has been soaring since the middle of last year, undermining production cuts by OPEC to tighten the market.

The loonie rose against its major rivals in the Asian session, with the exception of the greenback.

The loonie rose to a 2-day high of 1.3434 against the greenback, from a low of 1.3472 hit at 7:00 pm ET. The next possible resistance for the loonie is seen around the 1.32 region.

The loonie edged up to 1.0013 against the aussie, after having fallen to 1.0060 at 8:45 pm ET. Continuation of the loonie's uptrend may see it challenging resistance around the 0.99 mark.

The loonie pared gains to 82.27 against the yen, from a high of 82.62 hit at 11:00 pm ET. On the downside, 81.00 is likely seen as the next support level for the loonie.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts increased for the second straight month in April, defying economists' forecast for a decline.

Housing starts climbed 1.9 percent year-over-year in April, much faster than the 0.2 percent slight rise in March.

The loonie resumed its early weakness against the euro, reaching a 5-day low of 1.5120. If the loonie weakens further, 1.53 is possibly seen as its next support level.

Preliminary estimates from Eurostat showed that Eurozone inflation fell sharply in May to its lowest level thus far this year.

Headline inflation dropped to 1.4 percent from 1.9 percent in April, while economists had forecast 1.5 percent.

Looking ahead, U.S. pending home sales data for April and Federal Reserve's Beige book report are due.

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