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Forex News: Canadian Dollar Trades Higher As U.S. Decides To

Canadian Dollar Trades Higher As U.S. Decides To Proceed With NAFTA

04/27/2017 - 03:31:00 (RTTNews)

(RTTNews) - The Canadian dollar traded higher against its major counterparts in the Asian session on Thursday, as the Trump administration decided to remain in the North American Free Trade Agreement, soothing worries over reports of U.S. abandoning the deal.

The White House reported that Trump is planning to continue with NAFTA deal and the U.S. President would renegotiate the terms of deal with the leaders of Mexico and Canada to benefit all three countries.

"It is my privilege to bring NAFTA up to date through renegotiation," Trump said in a statement. "It is an honor to deal with both President Peña Nieto and Prime Minister Trudeau, and I believe that the end result will make all three countries stronger and better," he added.

Further supporting the currency was a recovery in Asian stocks, which fell modestly after Trump's tax plan disappointment.

The loonie was lower against most major rivals on Wednesday, as oil prices fell after a data showing large build in U.S. oil inventories.

The loonie rose to a 2-day high of 1.3530 against the greenback, from an early more than a 1-year low of 1.3647, and held steady thereafter. The loonie is seen finding resistance around the 1.33 region.

The loonie that ended Wednesday's trading at 81.51 against the the yen climbed to 82.21. Continuation of the loonie's uptrend may see it challenging resistance around the 84.00 level.

The Bank of Japan kept its monetary stimulus unchanged as widely expected.

Governor Haruhiko Kuroda and his board members decided by an 7-2 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The loonie strengthened to 1.0125 versus the aussie, from a low of hit at 1.0199 at 9:30 pm ET. If the loonie extends rise, 1.00 is likely seen as its next resistance level.

Reversing from an early 2-day low of 1.4892 against the euro, the loonie edged up to 1.4755. The loonie is likely to locate resistance around the 1.44 region.

Looking ahead, Eurozone economic confidence index for April is due in the European session.

The European Central Bank announces its decision on interest rates at 7:45 am ET. The bank is expected to keep its refi rate at zero percent and the deposit rate at -0.4 percent.

At 8:00 am ET, German flash inflation for April is set for release.

In the New York session, U.S. weekly jobless claims for the week ended April 22, advance goods trade balance, wholesale inventories, durable goods orders and pending home sales - all for March are due.

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