Canadian Dollar Advances Amid Rising Oil Prices
20 May 2015 - 10:30PM
RTTF2
The Canadian dollar strengthened against its major counterparts
in European deals on Wednesday, as oil prices rose and traders
await Canada wholesale sales for March, due shortly.
Crude for July delivery rose $0.58 to $58.57 a barrel.
The oil prices received support after data from American
Petroleum Institute showed late Tuesday that crude inventories fell
more-than-expected last week. API said the crude inventories to
have fallen by 5.2 million barrels last week. The EIA will release
official inventory data at 10:30 am ET.
The Statistics Canada will release Canada wholesale sales for
March at 8:30 am ET. The sales are forecast to improve to 0.9
percent on a monthly basis, reversing from a 0.4 percent fall
registered a month earlier.
The loonie was higher against the other major currencies, except
the greenback in Asian trading.
Reversing from an early multi-week low of 1.2255 against the
greenback, the loonie edged up to 1.2204. If the loonie extends
rise, 1.20 is possibly seen as its next resistance level.
The loonie rallied to a 2-day high of 99.03 against the Japanese
yen, from Tuesday's closing value of 98.64. Further uptrend may
lead the loonie to a resistance around the 100.00 mark.
The loonie extended rise to a 2-day high of 0.9639 against the
aussie, compared to yesterday's closing quote of 0.9675. Next key
resistance for the loonie may be located around the 0.955
region.
The loonie was trading at 1.3582 against the euro, hovering at
an early weekly high of 1.3549. The loonie is seen finding
resistance near the 1.35 area.
Looking ahead, the Federal Reserve's minutes of its April 28-29
meeting will be out at 2:00 pm ET.
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