Canadian Dollar Advances Amid Rising Risk Appetite
12 October 2018 - 2:52PM
RTTF2
The Canadian dollar climbed against its major counterparts in
pre-European deals on Friday amid rising risk appetite, after media
reports suggested that the U.S. Treasury Department would not call
China a currency manipulator in an upcoming report.
Sentiment was also bolstered after data showed China's exports
have so far held up well despite escalating trade tensions with the
U.S.
China's exports logged a double-digit growth in September,
figures from customs administration revealed.
Exports grew 14.5 percent year-on-year in September, faster than
the 9.8 percent increase seen in August. Imports advanced an annual
14.3 percent, resulting in higher trade surplus of around $32
billion in September.
Oil prices rebounded, reversing from a steep fall seen in
previous two days, after strong Chinese data.
Crude for November delivery rose $0.83 to $71.80 per barrel.
The loonie climbed to a 2-day high of 1.3008 against the
greenback, from a low of 1.3041 hit at 10:00 pm ET. The next
possible resistance for the loonie is seen around the 1.28
region.
Reversing from an early low of 85.96 against the yen, the loonie
appreciated to a 2-day high of 86.45. If the loonie rises further,
it may find resistance around the 88.00 region.
The loonie edged up to 1.5079 against the euro and 0.9256
against the aussie, from its early low of 1.5130 and an 11-day low
of 0.9290, respectively. The loonie is seen finding resistance
around 1.49 against the euro and 0.91 against the aussie.
Looking ahead, Eurozone industrial production for August is due
in the European session.
In the New York session, U.S. import and export price indices
for September and University of Michigan's preliminary consumer
sentiment index for October are set for release.
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