Canadian Dollar Advances On Trade Deal Hopes
November 14 2019 - 9:09PM
RTTF2
The Canadian dollar strengthened against its major counterparts
in the Asian session on Friday, as positive comments from White
House economic adviser Larry Kudlow on trade helped revive hopes of
a U.S.-China deal.
Kudlow said that the U.S. is getting close to a trade deal with
China and the "mood music is pretty good."
A spokesperson for China's commerce ministry said that the two
countries are holding "in-depth" discussions on the 'phase one'
trade deal, but canceling tariffs is an important condition for
reaching an agreement.
Oil prices rebounded after sliding on Thursday on data showing a
larger than expected increase in crude stockpiles last week.
Crude for December delivery rose $0.24 to $57.01 per barrel.
The loonie rose to 1.4576 against the euro, from a low of 1.4607
hit at 7:30 pm ET. The loonie is likely to face resistance around
the 1.44 region, if it gains again.
The loonie advanced to a 3-day high of 1.3219 against the
greenback, after falling to 1.3252 at 6:30 pm ET. Next key
resistance for the loonie is seen around the 1.30 level.
Following a decline to 81.80 against the yen at 5:00 pm ET, the
loonie reversed direction and rose to 82.13. On the upside, 83.5 is
likely seen as its next resistance level.
Final data from the Ministry of Economy, Trade and Industry
showed that Japan's industrial production grew more than initially
estimated in September.
Industrial production rose 1.7 percent month-on-month in
September.
The loonie edged higher to 0.8981 against the aussie, from a low
of 0.8999 it recorded at 7:45 pm ET. The currency is seen locating
resistance around the 0.88 level.
Looking ahead, Eurozone trade data for September and final
consumer price index for October are due out in the European
session.
In the New York session, Canada existing home sales for October,
U.S. business inventories for September, New York Fed's empire
manufacturing survey for November, retail sales, industrial
production, export and import prices, all for October, will be
featured.
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