Canadian Dollar Climbs On Higher Oil Prices
18 Octubre 2017 - 03:08AM
RTTF2
The Canadian dollar advanced against its most major counterparts
in the European session on Wednesday, as oil prices rose following
an industry data showing a drop in U.S. inventories last week and
on worries that tensions in the Middle East could disrupt crude
output.
Crude for December delivery rose $0.19 to $52.30 per barrel.
Data from the American Petroleum Institute showed late Tuesday
that U.S. crude inventories fell by 7.1 million barrels to 461.4
million barrels in the week ending October 13.
Gasoline inventories rose 1.94 million barrels and distillate
inventories were up by 1.644 million barrels.
Investors await official inventory data from the Energy
Information Administration, due at 10:30 am ET.
Iraqi military forces took control of the city of Kirkuk from
Kurdish fighters early this week, following weeks of political
crisis after Kurdish independence referendum. Investors are worried
that fighting could affect supplies. The currency rose against its
major rivals in the Asian session, with the exception of the
greenback. The loonie climbed to a 6-day high of 90.12 against the
Japanese yen, compared to 89.58 hit late New York Tuesday. If the
loonie rises further, 91.00 is possibly seen as its next resistance
level.
Bank of Japan needs to maintain its monetary easing in the
current framework, according to the board member Makoto
Sakurai.
Sakurai said price movements are weak and there is a long way to
go to achieve the inflation target of 2 percent. The bank should
take this point seriously, he noted.
The loonie that closed Tuesday's deals at 0.9821 against the
aussie firmed to a 5-day high of 0.9796. On the upside, the loonie
is likely to target resistance around the 0.97 mark.
The loonie climbed to a 9-day high of 1.4694 against the euro
early in the session and held steady thereafter. The pair finished
Tuesday's trading at 1.4730.
European Central Bank President Mario Draghi said that
accommodative monetary policy opens window of opportunity to take
structural reforms.
He observed that crisis confirmed that more flexible economies
are more resilient, especially for countries that are part of a
monetary union.
On the flip side, the loonie slipped to 1.2534 against the
greenback from an early 4-day high of 1.2488. The next possible
support for the loonie is seen around the 1.27 region.
Looking ahead, U.S. building permits and housing starts for
September as well as Canada manufacturing sales for August are due
in the New York session.
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