Forex 24x7

(RTTNews) – The Canadian currency traded higher against most major opponents during New York trading on Thursday. Canadian industrial and raw materials prices unexpectedly declined last month as petroleum prices fell, official data indicated Thursday. The Industrial Product Price Index fell 0.5% and the Raw Materials Price Index dropped 1.1% in September compared to August, according to Statistics Canada. Economists expected industrial price to be flat, while raw materials prices were forecast to rise 1%. The loonie surged up further against the US dollar and the Japanese yen in morning deals and hit highs of 1.0658 and 85.87, respectively, at about 1:40 pm ET. After touching a 2-day low of 1.5922 versus the euro at about 6:30 am ET, the loonie reversed its direction versus the euro in mid-day deals today. At present, the pair is trading at 1.5841. Crude oil prices turned higher on Thursday, recovering most of the sharp losses seen in the previous session. Encouraging gross domestic product data boosted the prospects for energy demand. Light sweet crude oil for December delivery rose to $78.98 per barrel, up $1.52 on the session. Prices reached as high as $79.25 earlier in the session.