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Forex News: Canadian Dollar Advances On Trade Deal Hopes

Canadian Dollar Advances On Trade Deal Hopes

11/15/2019 - 02:09:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the Asian session on Friday, as positive comments from White House economic adviser Larry Kudlow on trade helped revive hopes of a U.S.-China deal.

Kudlow said that the U.S. is getting close to a trade deal with China and the "mood music is pretty good."

A spokesperson for China's commerce ministry said that the two countries are holding "in-depth" discussions on the 'phase one' trade deal, but canceling tariffs is an important condition for reaching an agreement.

Oil prices rebounded after sliding on Thursday on data showing a larger than expected increase in crude stockpiles last week.

Crude for December delivery rose $0.24 to $57.01 per barrel.

The loonie rose to 1.4576 against the euro, from a low of 1.4607 hit at 7:30 pm ET. The loonie is likely to face resistance around the 1.44 region, if it gains again.

The loonie advanced to a 3-day high of 1.3219 against the greenback, after falling to 1.3252 at 6:30 pm ET. Next key resistance for the loonie is seen around the 1.30 level.

Following a decline to 81.80 against the yen at 5:00 pm ET, the loonie reversed direction and rose to 82.13. On the upside, 83.5 is likely seen as its next resistance level.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production grew more than initially estimated in September.

Industrial production rose 1.7 percent month-on-month in September.

The loonie edged higher to 0.8981 against the aussie, from a low of 0.8999 it recorded at 7:45 pm ET. The currency is seen locating resistance around the 0.88 level.

Looking ahead, Eurozone trade data for September and final consumer price index for October are due out in the European session.

In the New York session, Canada existing home sales for October, U.S. business inventories for September, New York Fed's empire manufacturing survey for November, retail sales, industrial production, export and import prices, all for October, will be featured.

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