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Forex News: Canadian Dollar Advances Amid Rising Risk Appetite

Canadian Dollar Advances Amid Rising Risk Appetite

02/12/2019 - 02:27:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its most major counterparts in the Asian session on Tuesday amid rising risk appetite, as news that U.S. lawmakers reached a deal on border security funding to avoid a government shutdown lifted sentiment.

The deal reportedly include $1.375 billion in funding for Trump's border wall.

If approved by Trump, the deal would keep the government funded through September 30.

Hopes that a new round of U.S.-China trade talks would help resolve trade dispute propped up Asian shares.

Negotiators from the two countries are meeting this week in Beijing, with White House adviser Kellyanne Conway saying President Donald Trump wants to meet Chinese President Xi Jinping very soon.

Two days of high-level talks starting Thursday would involve U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He.

The loonie edged up to 1.3287 against the greenback, from a low of 1.3315 hit at 8:45 pm ET. On the upside, 1.30 is possibly seen as the next resistance level for the loonie.

After falling to 1.5017 against the euro at 8:15 pm ET, the loonie reversed direction and rose to 1.4983. If the loonie rises further, 1.48 is possibly seen as its next resistance level.

The loonie appreciated to a 5-day high of 83.27 against the yen and held steady thereafter. At yesterday's close, the pair was worth 82.96. Next key resistance for the loonie is seen around the 85.00 region.

Data from the Bank of Japan showed that Japan M2 money stock rose 2.4 percent on year in January, coming in at 1,015.1 trillion yen.

That was in line with expectations and unchanged from the previous month.

On the flip side, the loonie dropped to 0.9420 against the aussie at 9:30 pm ET and wavered thereafter. The pair was quoted at 0.9393 at Monday's close.

In today's events, Deutsche Bundesbank President Jens Weidmann will deliver a speech titled "The role of the central bank in a modern economy - a European perspective" at the University of South Africa in Pretoria at 3:20 am ET.

At 8:00 am ET, Bank of England governor Mark Carney is set to speak about the economic outlook and global trade tensions in London.

Federal Reserve Chair Jerome Powell will give a speech titled "Economic Development in High Poverty Rural Communities" at the Hope Enterprise Corporation Rural Policy Forum in Mississippi at 12:45 pm ET.

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