CANBERA (Alliance News) - The Canadian dollar advanced against most major currencies in early European deals on Wednesday, as oil prices rose ahead of oil inventories data and Federal Reserve Chair Janet Yellen's testimony before the Congress.
Crude for June delivery rose 0.02 cents or 0.02% to USD99.50 per barrel at 4:40 am ET.
The data released from US Energy Information Administration may show today that oil inventories rose by 1.2 million barrels for the week ended May 2. Distillate inventories are seen at 880 thousand barrels, down from 1,936 million barrels in the previous week.
Yellen is scheduled to testify before Joint Economic Committee of Congress later in the day. Her comment's will be closely watched for outlook on monetary policy.
The loonie climbed to 1.5137 against the euro for the first time since April 30. This is up from yesterday's closing value of 1.5170. The next possible upside target for the loonie lies around the 1.50 zone.
The loonie reached as high as 1.0158 against the aussie, compared to yesterday's closing value of 1.0180. If the loonie continues rise, 1.01 is seen as its next possible resistance level.
The loonie edged up to 1.0875 against the greenback, staying closer to yesterday's highest level in near 4-weeks. The next possible resistance for the loonie lies around the 1.07 mark.
Canada building permits data for March is set for release at 8:30 am ET.
