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Forex News: Canadian Dollar Rises Amid Oil Price Advance

Canadian Dollar Rises Amid Oil Price Advance

01/12/2017 - 05:21:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against the other major currencies in the early European session on Thursday, amid rising oil prices on the back of a weaker dollar, as U.S. President-elect Donald Trump's first press conference since winning the election proved to be a dampener for investors looking for cues on his tax and international trade policies.

Treasuries gained and the dollar nursed widespread losses as Trump failed to provide details on proposed fiscal stimulus and infrastructure spending.

Meanwhile, news that Saudi Arabia had cut exports to Asia, also supported the Oil demand.

Crude for February delivery is currently up by 0.14 percent or $52.39 per barrel.

Data from the U.S. Energy Information Administration reported on Wednesday that crude inventories increased by 4.1 million barrels.

In the Asian trading today, the Canadian dollar held steady against the other major currencies.

In the European trading, the Canadian dollar rose to nearly a 3-month high of 1.3038 against the U.S. dollar, from an early low of 1.3183. The loonie may test resistance around the 1.29 region.

Against the euro and the yen, the loonie advanced to 1.3877 and 87.52 from early lows of 1.3967 and 87.03, respectively. If the loonie extends its uptrend, it is likely to find resistance around 1.36 against the euro and 89.00 against the yen.

The loonie edged up to 0.9777 against the Australian dollar, from an early near 4-week low of 0.9821. On the upside, 0.95 is seen as the next resistance level for the loonie.

Looking ahead, at 7:30 am ET, European Central Bank's publishes monetary policy meeting accounts.

In the New York session, Canada new housing price index for November, U.S. import price index for December, and U.S. weekly jobless claims for the week ended January 7 are set to be published.

At 8:30 am ET, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Atlanta President Dennis Lockhart are expected to speak about the economic outlook and monetary policy at the American Council of Life Insurers, in Naples.

At the same time, Federal Reserve Bank of Philadelphia President Patrick Harker will deliver a speech at the Desmond Hotel, in Pennsylvania.

At 1:15 pm ET, Federal Reserve Bank of St. Louis President James Bullard gives a presentation on the U.S. economy and monetary policy before the Forecasters Club of New York.

At 1:45 pm ET, Federal Reserve Bank of Dallas President Robert Kaplan participates in a moderated Q&A before the Dallas Regional Chamber Annual Meeting, in Dallas, U.S.

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