Canadian Dollar Climbs After Upbeat Retail Sales, Higher Oil Prices
22 Juin 2016 - 11:25AM
RTTF2
The Canadian dollar advanced against its major rivals in
European deals on Wednesday, as oil prices firmed, and data showed
that the nation's retail sales grew more-than-expected in
April.
Data from Statistics Canada showed that Canada's retail sales
rose a seasonally adjusted 0.9 percent to C$44.3 billion in
April.
That beat forecasts for an increase of 0.8 percent, after a 1.0
percent drop in March.
Core retail sales, excluding motor vehicle and autos, climbed
1.3 percent on month, following a 0.3 percent decline a month
earlier.
Economists were looking for a 0.6 percent rise.
The currency got further support from higher oil prices, which
lifted up after an industry group, American Petroleum Institute,
reported a 5.2 million barrel drawdown in crude oil inventories
last week.
The Energy Information Administration will release official data
at 10:30 am ET.
Investor sentiment improved ahead of tomorrow's Brexit
referendum, as analysts predict that the UK voters will likely
decide to stay with the EU, averting a potential market
tantrum.
The currency was higher against most majors in Asian deals, amid
rising risk appetite, as investors wait for Fed Chair Janet
Yellen's second day of testimony on Capitol Hill today and
Thursday's British Brexit vote on its membership in the European
Union.
Extending early rally, the loonie firmed to 82.05 against the
Japanese yen, following a decline to 81.47 at 8:15 pm ET.
Continuation of the loonie's uptrend may see it finding resistance
around the 84.00 region.
The loonie spiked up to near a 2-week high of 1.2743 versus the
greenback and an 8-day high of 1.4380 against the euro, off its
early lows of 1.2817 and 1.4432, respectively. The next possible
resistance levels for the loonie are seen around 1.29 against the
greenback and 1.46 against the euro.
On the flip side, the loonie fell to 0.9585 against the aussie
at 8:25 am ET, from an early 4-day high of 0.9531. The loonie is
seen finding support around the 0.97 mark.
Survey from Westpac Bank and the Melbourne Institute showed that
the Australian economy is expected to stay on a narrowly positive
path over the next six to nine months - rising 0.21 percent on
month in May.
That's up from the downwardly revised 0.14 percent increase in
April.
Looking ahead, Eurozone consumer confidence index for June, U.S.
existing home sales data for May and U.S. crude oil inventories
data are due shortly.
At 10:00 am ET, Federal Reserve Chair Janet Yellen will testify
on the Semiannual Monetary Policy Report before the House Financial
Services Committee, in Washington DC.
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