Canadian Dollar Climbs Amid Risk Appetite
17 August 2020 - 4:41PM
RTTF2
The Canadian dollar advanced against its major rivals in the
European session on Monday, as European shares rose after the
People's Bank of China injected liquidity into the financial system
to help lenders manage upcoming government bond sales.
Investors also looked to the Fed minutes from last month's
meeting, due to be released on Wednesday, for more clues on the
thinking inside the U.S. central bank.
News that China planned to buy more U.S. crude oil in the coming
months cheered investors.
Chinese state-owned oil firms have booked tankers to transport
about 20 million barrels of crude oil during this month and the
next.
The news eased investor worries that China will not stick to its
purchase commitments under phase one trade deal.
The loonie rose to 1.3225 against the greenback and 1.5665
against the euro, from its early low of 1.3264 and a 1-week low of
1.5722, respectively. The next possible resistance for the loonie
is seen around 1.29 against the greenback and 1.55 against the
euro.
The loonie recovered to 80.49 against the yen, up from a 5-day
low of 80.29 seen at 9:30 pm ET. Next key resistance for the loonie
is seen around the 82.00 region.
After falling to a 6-day low of 0.9541 in the Asian session, the
loonie moved up to 0.9497 against the aussie. If the loonie rises
further, 0.93 is possibly seen as its next resistance level.
Looking ahead, New York Fed's empire manufacturing data and NAHB
housing market index for August are scheduled for release in the
New York session.
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