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Forex News: Loonie Advances As Canadian Inflation Rises

Loonie Advances As Canadian Inflation Rises

08/18/2017 - 09:31:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major rivals in the European session on Friday, after a data showed that the nation's inflation improved more than forecast in July.

Data from Statistics Canada showed that Canadian inflation rose 0.2 percent on a seasonally adjusted monthly basis in July.

This follows a flat reading in June, which had been forecast to remain unchanged for the month.

Core inflation, excluding food and energy, grew 0.2 percent on a monthly basis. The index matched the June reading.

Crude oil futures inched higher ahead of the U.S. rig count data that may confirm U.S. production is slowing.

Crude for September delivery rose to $0.07 to $47.16 per barrel.

The Baker Hughes North American rig count for the week will be published at 1.00 pm ET. The prior week North American Rig Count was 1169 and U.S. rig counts were 949.

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 8.9 million barrels for the week ended Aug. 11.

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

The loonie advanced to 1.2608 against the greenback, following a decline to 1.2691 at 7:45 pm ET. If the loonie rises further, 1.25 is possibly seen as its next resistance level.

Bouncing off from an early 4-day low of 86.05 against the yen, the loonie ticked up to 86.49. The loonie is seen finding resistance around the 88.00 region.

The loonie reversed from an early 2-day low of 1.4881 against the euro, edging up to 1.4797. Continuation of the loonie's uptrend may see it challenging resistance around the 1.46 mark.

According to the data from Eurostat, Eurozone construction output decreased for the second straight month in June.

Construction output declined 0.5 percent month-on-month in June, bigger than the 0.2 percent decrease seen in May.

The loonie hit a 2-day high of 0.9973 against the aussie, off its early low of 1.0029. The next possible resistance for the loonie is seen around the 0.98 area.

Looking ahead, U.S. University of Michigan's preliminary consumer sentiment for August is due shortly.

At 10:15 am ET, Federal Reserve Bank of Dallas President Robert Kaplan is expected to speak at the Dallas County Community College.

For comments and feedback: contact editorial@rttnews.com

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