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Forex News: Loonie Strengthens After Upbeat Canadian Retail Sales

Loonie Strengthens After Upbeat Canadian Retail Sales

06/22/2017 - 09:36:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major opponents in the European session on Thursday, following a data showing better than expected domestic retail sales growth in April, which adds to optimism over economic growth.

Data from Statistics Canada showed that retail sales rose a seasonally adjusted 0.8 percent on month in April, following a downwardly revised 0.5 percent gain in March. Economists were looking for an increase of 0.3 percent.

Core retail sales, excluding sales at motor vehicle and parts dealers, climbed 1.5 percent.

This was higher than expectations for 0.7 percent growth and follows a revised 0.1 percent decline in March.

Further supporting the currency was recovering oil prices. Crude for August delivery rose $0.16 to $42.69 per barrel.

But supply worries persisted, particularly on growing output from U.S., Libya and Nigeria.

The currency fell against its major rivals in the Asian session, with the exception of the greenback.

The loonie, having fallen to a weekly low of 83.21 against the Japanese yen at 3:00 am ET, reversed direction and rose to 84.04. Continuation of the loonie's uptrend may see it challenging resistance around the 86.00 region.

Speaking to business leaders in Aomori, the Bank of Japan Deputy Governor Kikuo Iwata said that there is still a long way to go before achieving the inflation target of 2 percent.

Further, risks have continued to be skewed to the downside, particularly those regarding developments in overseas economies and Japan's inflation expectations.

The loonie advanced to a 2-day high of 1.3248 against the greenback, following a decline to 1.3338 at 3:00 am ET. Further uptrend may lead the loonie to a resistance around the 1.30 mark.

Data from the Labor Department showed that U.S. jobless claims increased modestly in the week ended June 17.

The report said initial jobless claims inched up to 241,000, an increase of 3,000 from the previous week's revised level of 238,000.

Reversing from an early 8-day low of 1.4895 against the euro at 3:00 am ET, the loonie climbed to 1.4789. The next possible resistance for the loonie is seen around the 1.46 area.

Latest economic bulletin released by the European Central Bank showed that Eurozone's solid growth momentum is set to continue in the second quarter, mainly driven by domestic demand.

"Overall, incoming data point to solid growth in the second quarter of 2017," the bank said.

The loonie hit an 8-day high of 0.9995 against the aussie, off its early 2-day low of 1.0086. If the loonie extends rise, 0.99 is likely seen as its next resistance level.

Looking ahead, at 10:00 am ET, Eurozone flash consumer confidence index for June is due.

At the same time, Federal Reserve Governor Jerome Powel speaks about economic growth before the US Senate Committee on Banking, Housing, and Urban Affairs in Washington DC.

Swiss National Bank board member Andrea Maechler speaks in Zurich at 12:00 pm ET.

The Bank of England external MPC Member Kristin Forbes speaks at the London Business School at 2:00 pm ET.

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