Canadian Dollar Rises Amid Oil Prices Advance
March 22 2017 - 10:42PM
RTTF2
The Canadian dollar strengthened against the other major
currencies in the Asian session on Thursday, as crude oil prices
advanced after official data showed that gasoline stockpiles
continued to fall last week.
The crude oil delivery for May is currently up to 0.36 percent
or $48.40 per barrel.
The Energy Information Administration reported crude oil futures
jumped another 4.5 million barrels, but falling gasoline stockpiles
signaled imminent demand. Gasoline inventories dropped 2.8 million
barrels.
Meanwhile, Asian stock markets traded higher following the mixed
lead overnight from Wall Street amid ongoing concerns about U.S.
President Donald Trump's ability to implement his policy agenda.
Gains are modest in most Asian markets.
The latest reports suggest House Republicans may not have the
votes to pass their healthcare plan in a vote expected to be held
later on Thursday. Failure to push ahead with the healthcare bill,
Trump's first legislation since he took office, could imperil other
Trump policies that are favored on Wall Street, such as tax reform
and increased infrastructure spending.
Wednesday, the Canadian dollar showed mixed trading against its
major rivals. While the loonie fell against the euro, it fell
against the U.S. dollar, the yen and the euro, it rose against the
Australian dollar.
In the Asian trading, the Canadian dollar rose to an 8-day high
of 1.0199 against the Australian dollar and a 2-day high of 1.4366
against the euro, from yesterday's closing quotes of 1.0233 and
1.4390, respectively. If the loonie extends its uptrend, it is
likely to find resistance around 1.00 against the aussie and 1.41
against the euro.
Against the U.S. dollar, the loonie advanced to a 2-day high of
1.3320 from an early low of 1.3338. The loonie may test resistance
around the 1.31 region.
The loonie edged up to 83.72 against the yen, from yesterday's
closing value of 83.38. On the upside, 86.00 is seen as the next
resistance level for the loonie.
Looking ahead, the German GfK consumer confidence index for
April and U.K. retail sales data for February are due to be
released later in the day.
At 5:00 am ET, European Central Bank is scheduled to publish its
economic bulletin.
At 5:15 am ET, Bank of England Deputy Governor Ben Broadbent is
expected to speak at Imperial College, in London.
In the New York session, U.S. weekly jobless claims for the week
ended March 18, U.S. new home sales data for February and Eurozone
consumer confidence index for March are slated for release.
At 8:45 am ET, Federal Reserve Chair Janet Yellen will deliver
opening remarks at the Federal Reserve System Community Development
Research Conference, in Washington DC.
At 12:30 pm ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari is expected to speak about the US education outcomes
and achievement gaps at the Federal Reserve System Community
Development Research Conference, in Washington DC.
At 1:00 pm ET, Swiss National Bank Governing Board Member Andrea
Maechler will deliver a speech titled "The SNB Investment Policy
and its Peculiarities" at the Money Market Event, in Zurich.
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