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EURCAD Euro vs Canadian Dollar

1.46143
0.0005 (0.04%)
Last Updated: 06:47:12
Delayed by 15 minutes
Name Symbol Market Type
Euro vs Canadian Dollar FX:EURCAD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.0005 0.04% 1.46143 1.46093 1.46193 1.46167 1.46008 1.46096 0 06:47:12

Canadian Dollar Rises Amid Oil Prices Advance

23/03/2017 2:42am

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Euro vs CAD (FX:EURCAD)
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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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