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Forex News: Canadian Dollar Climbs Amid Risk Appetite

Canadian Dollar Climbs Amid Risk Appetite

04/17/2018 - 08:43:00 (RTTNews)

(RTTNews) - The Canadian dollar was higher against its major counterparts in the European session on Tuesday, as European shares rose amid easing Syria tensions as investors bet that last week's U.S.-led missile strikes on the country would not lead to a broader escalation in the conflict.

Traders also remained optimistic about the earnings season, with results from Goldman Sachs and IBM due today.

Chinese economic data proved to be a mixed bag, with GDP rising in line with forecasts, while industrial production missed expectations.

Official data showed that the country's gross domestic product or GDP rose 6.8 percent in the first quarter on a yearly basis - in line with expectations and down from 6.9 percent in the previous quarter.

Oil prices rose ahead of U.S. crude inventory data amid looming worries about the Middle East.

The American Petroleum Institute releases weekly crude inventory data later in the day, followed by the official data from the Energy Information Administration on Wednesday.

Crude for May delivery rose $0.03 to $66.25 per barrel.

The currency showed mixed trading against its major counterparts in the Asian session. While it fell against the euro and the yen, it held steady against the greenback. Against the aussie, the currency rose.

The loonie advanced to a 6-day high of 1.2549 against the greenback, off its early low of 1.2579. The next possible resistance for the loonie is seen around the 1.23 level.

Reversing from an early low of 1.5591 against the euro, the loonie climbed to a 4-day high of 1.5515. If the loonie rises further, 1.54 is possibly seen as its next resistance level.

Survey data from the Mannheim-based think tank ZEW showed that German economic confidence declined sharply in April.

The ZEW Indicator of Economic Sentiment dropped to -8.2 in April from +5.1 in March. The score was forecast to fall to -1.

The loonie bounced off to 85.34 against the yen, from a low of 85.06 hit at 4:30 am ET. On the upside, 88.00 is likely seen as the next resistance for the loonie.

The loonie strengthened to a 5-day high of 0.9751 against the aussie, from a low of 0.9783 hit at 4:30 am ET. The loonie is poised to find resistance around the 0.96 region.

Minutes from the Reserve Bank of Australia's April 3 meeting showed that members of board said that the country's economy is expected to continue on its gradual path of growth.

The country's inflation rate is also expected to pick up gradually, the bank said, while global economic conditions remain positive.

Looking ahead, U.S. industrial production for March is scheduled for release shortly.

At 10:00 am ET, Federal Reserve Governor Randal Quarles will testify on supervision and regulation before the House Financial Services Committee in Washington DC.

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