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Forex News: Canadian Dollar Strengthens On Higher Oil Prices

Canadian Dollar Strengthens On Higher Oil Prices

07/06/2017 - 06:50:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major counterparts in the European session on Thursday, as an industry data showed a bigger-than-expected draw in U.S. stockpiles last week, in an indication of moderating oil production from the U.S.

Crude for August delivery rose $0.55 to $45.68 per barrel.

Data from the American Petroleum Institute showed Wednesday that U.S. crude inventories fell to 5.8 million barrels in the week to June 30, higher than expectations for a decline of 2.3 million barrels.

Gasoline inventories fell by 5.7 million barrels, exceeding economists' expectations for a 500,000 barrel draw.

The data came a day before official report from the Energy Information Administration, which is forecast to show a decline of 2.4 million barrels in crude oil inventories.

The European Central Bank will release minutes from its June 8 meeting today, with investors looking for hints on whether the bank is close to tightening its ultraloose monetary policy.

Traders also awaited cues from this week's G20 summit and Friday's U.S. jobs report.

The loonie showed mixed performance in the Asian session. While the loonie held steady against the aussie and the euro, it fell against the yen and the greenback.

The loonie rose to 1.2936 against the greenback and 87.67 against the yen, from its early lows of 1.2983 and 87.03, respectively. Further gains may take the loonie to resistance levels of around 1.28 against the greenback and 89.00 against the yen.

The loonie reversed from its early lows of 1.4726 against the euro and 0.9866 against the aussie, rising to 1.4674 and 0.9836, respectively. The loonie is poised to target resistance around 1.45 against the euro and 0.97 against the aussie.

Looking ahead, the European Central Bank releases account of the monetary policy meeting of the Governing Council held on June 7-8 at 7:30 am ET.

In the New York session, ADP private payrolls data for June, weekly jobless claims for the week ended July 1, trade data for May and ISM non-manufacturing composite index for June as well as Canada building permits and trade data for May are set for release.

At 10:00 am ET, the Fed Reserve Governor Jerome Powell gives a speech titled "The Case for Housing Finance Reform" at the American Enterprise Institute, in Washington DC.

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