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Forex News: Canadian Dollar Rises Amid Oil Prices Advance

Canadian Dollar Rises Amid Oil Prices Advance

09/27/2017 - 04:31:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against most major currencies in the early European session on Wednesday, as crude oil prices rose after data showed that U.S. crude supplies fell unexpectedly.

The crude oil delivery for November is currently up by 0.26 percent or $52.14 per barrel.

The American Petroleum Institute (API) reported Tuesday that U.S. crude supplies unexpectedly fell by 761,000 barrels for the week ended September 22. The analysts expect that inventories would build by 3.422 million barrels.

Meanwhile, the API data showed that gasoline stockpiles rose 1.5 million barrels.

In the Asian trading today, the Canadian dollar held steady against its major rivals.

In the early European trading, the Canadian dollar rose to a 2-day high of 91.12 against the yen and a 9-day high of 1.4539 against the euro, from early lows of 90.83 and 1.4574, respectively. If the loonie extends its uptrend, it is likely to find resistance around 92.00 against the yen and 1.44 against the euro.

Against the Australian dollar, the loonie advanced to nearly a 2-week high of 0.9713 from an early low of 0.9746. The loonie may test resistance near the 0.95 region.

Meanwhile, the Canadian dollar fell to 1.2400 against the U.S. dollar, from an early high of 1.2339. The loonie is likely to find support around the 1.25 region. Looking ahead, U.S. durable goods orders and pending home sales for August are set for release in the New York session.

Bank of Canada Governor Stephen S. Poloz speaks at St. John's Board of Trade in Newfoundland, Canada at 12:00 pm ET.

At 1:30 pm ET, Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before an event hosted by Truman State University, Missouri.

Federal Reserve Board Governor Lael Brainard speaks on "Labor Market Disparities and the Mission of the Federal Reserve" before conference, "Banking and the Economy: A Forum for Minority Bankers" hosted by the Federal Reserve Bank of Kansas City at 2:00 pm ET.

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