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Forex News: Loonie Falls After Canada Inflation Data

Loonie Falls After Canada Inflation Data

11/17/2017 - 09:31:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its major rivals in the European session on Friday, after a data showed that the nation's consumer price inflation was unchanged from last month in October.

Data from Statistics Canada showed that the CPI rose 0.2 percent on a seasonally adjusted monthly basis, compared to forecasts for a 0.1 percent rise.

The index was unchanged from last month.

Core inflation, excluding food and energy, ticked up 0.2 percent on month in seasonally adjusted terms. The index was flat in September.

Meanwhile, Crude oil futures rose as the U.S. dollar weakened on political upheaval related to the Trump Administration.

Reports say investigators are demanding information from the Trump campaign for documents and emails related to Russia, a potential hurdle to the president's pro-growth economic agenda that includes major tax reforms.

Crude for January delivery rose $0.66 to $56.01 per barrel.

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

The loonie retreated to 0.9649 against the aussie, after having advanced to a 1-1/2-year high of 0.9612 at 6:30 am ET. Continuation of the loonie's downtrend may see it challenging support around the 0.98 region.

Data from the Australian Bureau of Statistics showed that Australia new motor vehicle sales were roughly flat in October, coming in at 98,922. That follows the 0.5 percent decline in September.

The loonie weakened to a 10-day low of 1.2813 against the greenback, off its early 2-day high of 1.2714. Further weakness may take the loonie to a support around the 1.30 mark.

Reversing from an early high of 88.71 against the yen, the loonie dropped to more than a 3-week low of 87.92. The next possible support for the loonie is seen around the 86.00 level.

The loonie fell to a 2-day low of 1.5099 against the euro from its early high of 1.5007. The loonie is seen finding support around the 1.52 mark.

Figures from the European Central Bank showed that the euro area current account surplus rose to a record high in September.

The seasonally adjusted current account surplus grew to EUR 37.8 billion in September from EUR 34.5 billion in August.

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