Canadian Dollar Higher After Strong Consumer Inflation Data
17 Agosto 2018 - 11:54AM
RTTF2
The Canadian dollar strengthened against its major counterparts
in early New York deals on Friday, as a data showed that the
nation's consumer inflation improved in July.
Data from Statistics Canada showed that the CPI rose 0.5 percent
on a seasonally adjusted monthly basis in July, following a 0.2
percent increase in June.
The rate was forecast to edge up to 0.1 percent.
On year, the CPI climbed to 3.0 percent in July, after recording
a 2.5 percent increase in June.
The loonie traded mixed against its major rivals in the Asian
session. While it held steady against the euro and the aussie, it
fell against the yen. Against the greenback, it rose.
The loonie climbed to 0.9511 against the aussie, reversing from
a session's low of 0.9574 hit at 3:00 am ET. If the loonie rises
further, 0.93 is likely seen as its next resistance level.
Having dropped to 1.3169 against the greenback at 7:15 pm ET,
the loonie reversed direction and climbed to a 2-day high of
1.3070. The next possible resistance for the loonie is seen around
the 1.28 region.
The loonie advanced to 1.4897 against the euro, from a 4-day low
of 1.5000 touched at 3:00 am ET. The loonie is poised to challenge
resistance around the 1.47 region.
Final data from Eurostat showed that Eurozone inflation
accelerated for a third straight month in July, as initially
estimated, to its highest level since late 2012.
The harmonized index of consumer prices rose 2.1 percent
year-on-year in July, after climbing 2 percent in June.
Reversing from an early 2-day low of 83.86 against the yen, the
loonie strengthened to 84.48. Continuation of the loonie's uptrend
may see it challenging resistance around the 86.00 level.
Looking ahead, University of Michigan's preliminary consumer
sentiment index for August is due shortly.
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