Canadian Dollar Strengthens Amid Risk Appetite, Rising Oil Prices
April 20 2017 - 10:08PM
RTTF2
The Canadian dollar advanced against its most major counterparts
in the Asian session on Friday, as Asian stocks rose following the
overnight rally on Wall Street amid renewed hopes of tax reform in
the U.S. Treasury Secretary Steven Mnuchin indicated that the Trump
administration plans to unveil a major tax reform plan "very
soon".
Investors will continue to keep an eye on developments in France
ahead of the start of the French presidential election. It is still
unclear which two of the four top candidates will qualify for the
final election on May 7, while a Harris Interactive poll signaled a
win for centrist Emmanuel Macron in Sunday's first-round
presidential election, helping boost market confidence.
Oil prices rose amid signals that the OPEC is likely to extend
the output-cut deal beyond June.
The loonie showed mixed performance on Thursday. While the
currency rose against the yen and the greenback, it fell against
the aussie and the euro.
The loonie that closed Thursday's trading at 81.15 against the
yen and 1.4431 against the euro climbed to a 3-day high of 81.25
and a 2-day high of 1.4418, respectively. The next possible
resistance for the loonie is seen around 84.00 against the yen and
1.43 against the euro.
The loonie edged up to 1.3460 against the greenback, compared to
yesterday's closing value of 1.3469. Continuation of the loonie's
uptrend may see it challenging resistance around the 1.32
region.
On the flip side, the loonie held steady at 1.0143 against the
aussie, after easing from an early high of 1.0127. At yesterday's
close, the pair was valued at 1.0136.
Looking ahead, PMI reports from major European economies,
Eurozone current account data for February and U.K. retail sales
for March are due in the European session.
At 7:45 am ET, the Bank of England member Michael Saunders
speaks at the Federation of Small businesses in London.
In the New York session, Canada consumer prices for March,
Markit's U.S. manufacturing PMI for April and U.S. existing home
sales for March are set for release.
At 9:30 am ET, Minneapolis Fed President Neel Kashkari speaks at
the Community Economic Development Symposium, in St. Paul.
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