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Forex News: Loonie Strengthens After Strong Canada GDP Data

Loonie Strengthens After Strong Canada GDP Data

03/31/2017 - 09:13:00 (RTTNews)

(RTTNews) - The Canadian dollar firmed against the other major counterparts in the European session on Friday, after the nation's economy grew more than forecast in January, driven by an expansion in manufacturing output.

Data from Statistics Canada showed that the GDP grew 0.6 percent on a seasonally adjusted monthly basis in January, following a 0.3 percent gain in December. Economists had forecast the reading to be unchanged from last month.

Meanwhile, Crude oil futures inched lower, erasing this week's big gains in advance of U.S. oil rig numbers.

Baker Hughes offers its report on the domestic rig count this afternoon. Drillers have been adding rigs at a furious pace in 2017, and are likely to have continued that trend last week.

The loonie held steady against its major rivals in the Asian session, with the exception of the yen.

The loonie strengthened to 1.0153 against the aussie, its strongest since March 13. The next possible resistance for the loonie is seen around the 1.00 region.

Reversing from an early 2-day low of 1.3368 against the greenback, the loonie climbed to 1.3290. On the upside, 1.31 is possibly seen as the next resistance level for the loonie.

The loonie firmed to more than a 3-week high of 1.4195 versus the euro, off its early low of 1.4276. Continuation of the loonie's uptrend may see it challenging resistance around the 1.39 area.

Flash data from Eurostat showed that Eurozone inflation eased more than expected in March.

Inflation came in at 1.5 percent in March versus 2 percent in February. Economists had forecast the annual rate to ease to 1.8 percent.

The loonie hit a 10-day high of 84.21 against the Japanese yen, from a low of 83.70 hit at 6:30 am ET. The loonie is poised to target resistance around the 86.00 level.

Looking ahead, U.S. University of Michigan's final consumer sentiment index for March and Baker Hughes rig count data are slated for release shortly.

At 9:00 am ET, Federal Reserve Bank of New York President Willian Dudley is expected to speak at the Bloomberg Television, via satellite.

At 10:00 am ET, Federal Reserve Bank of Minneapolis President Neel Kashkari is expected to speak at the Banking Law Institute, in Minneapolis.

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