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Forex News: Loonie Strengthens After Canada GDP Data

Loonie Strengthens After Canada GDP Data

01/31/2018 - 09:35:00 (RTTNews)

(RTTNews) - The Canadian dollar spiked up against its major counterparts in the European session on Wednesday, following a data showing expansion in nation's economic growth in November.

Data from Statistics Canada showed that Canada's gross domestic product increased 0.4 percent on month in November, with widespread growth across industries.

This matched forecasts and follows a flat reading in October.

Meanwhile, oil prices dropped after industry data showed a build in U.S. oil stockpiles.

The American Petroleum Institute reported a moderate build of 3.229 million barrels of United States crude oil inventories for the week ending January 23. It's the second straigh weekly build.

Investors looked ahead to the outcome of the Federal Reserve's latest two-day monetary policy meeting concluding later in the day.

Some expect the Fed to signal a March rate hike is coming, while others say the Fed will be vague on further tightening until inflation picks up.

This will be the last Fed meeting with Janet Yellen as chairman. She will be replaced by Jermome Powell, the choice of President Trump, next month.

The currency has been trading higher against its major rivals in the Asian session, with the exception of the euro.

The loonie climbed to a 2-day high of 1.5258 against euro, from a low of 1.5325 hit at 7:30 pm ET. If the loonie rises further, it may target resistance around the 1.51 area.

Data from Destatis showed that Germany's retail sales declined unexpectedly in December.

Retail sales fell 1.9 percent year-on-year in December, in contrast to November's 4.3 percent increase.

The loonie advanced to a 5-day high of 0.9928 against the aussie, off its early 2-day low of 0.9997. The loonie is seen finding resistance around the 0.98 level.

Data from the Australian Bureau of Statistics showed that Australia's consumer prices climbed 0.6 percent on quarter in the fourth quarter of 2017.

That was shy of expectations for 0.7 percent, although it was unchanged from the three months prior.

Extending early rally, the loonie firmed to a 4-1/2-month high of 1.2249 against the greenback. This may be compared to a low of 1.2348 hit at 9:30 pm ET. The next possible resistance for the loonie is seen around the 1.20 level.

Data from payroll processor ADP showed that U.S. private sector employment increased much more than anticipated in the month of January.

ADP said employment in the private sector spiked by 234,000 jobs in January after surging up by a revised 242,000 jobs in December.

The loonie reversed from an early low of 88.11 against the yen, rising to an 8-day high of 88.93. Continuation of the loonie's uptrend may see it challenging resistance around the 90.5 region.

Data from the Cabinet Office showed that Japan's consumer confidence held steady at the start of the year.

The seasonally adjusted consumer confidence index came in at 44.7 in January, the same reading as in December.

Looking ahead, U.S. pending home sales for December are due shortly.

At 2:00 pm ET, the Fed announces decision on interest rates. Economists widely expect the benchmark rate to remain unchanged at a range between 1.25-1.50 percent.

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