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Forex News: Canadian Dollar Retreats As Canada Inflation Slows

Canadian Dollar Retreats As Canada Inflation Slows

04/20/2018 - 09:44:00 (RTTNews)

(RTTNews) - The Canadian dollar trimmed its early gains against its major counterparts in the European session on Friday, as a data showed that the nation's consumer inflation slowed in March from last month.

Data from Statistics Canada showed that inflation slowed to 0.1 percent on month in March from 0.2 percent a month ago. Economists had forecast CPI to increase to 0.4 percent.

Core inflation came in at 0.2 percent on a monthly basis. This was unchanged from the February rate, which was originally reported as a 0.3 percent gain.

Separate data showed that retail sales grew in line with forecasts in February, led by higher sales at new car dealers and general merchandise stores.

Sales increased 0.4 percent in February to $49.8 billion. This matched expectations and follows a revised 0.1 percent rise in the previous month.

Core retail sales was flat on month, compared to forecasts for a 0.4 percent gain. The January rate was revised up to 1.0 percent. (originally 0.9 percent)

Crude oil futures declined after President Donald Trump blasted OPEC for trying to artificially boost prices.

"Looks like OPEC is at it again," he wrote. "With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!"

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

Pulling away from an early high of 85.17 against the Japanese yen, the loonie edged down to 84.71. On the downside, 83.00 is likely seen as the next support for the loonie.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary industry activity showed no variations in February, in line with expectations.

On a monthly basis, the tertiary industry activity index remained flat in February after a 0.4 percent decrease in January.

The loonie slipped to a 10-day low of 1.2700 against the greenback, from a high of 1.2631 hit at 8:15 am ET. If the loonie falls further, it may find support around the 1.28 area.

Having advanced to a 2-day high of 1.5545 against the euro at 8:15 am ET, the loonie reversed direction and eased to 1.5629. The loonie is likely to find support around the 1.58 mark.

Figures from Destatis showed that German producer price inflation accelerated for the first time in six months in March, though marginally.

Producer price inflation rose to 1.9 percent in March from February's 14-month low of 1.8 percent. The rate was forecast to increase to 2.0 percent.

The loonie retreated to 0.9769 against the aussie, from its recent 3-1/2-month high of 0.9723. The loonie is seen finding support around the 0.99 region.

Looking ahead, Eurozone flash consumer sentiment for April is due at 10:00 am ET.

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