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Forex News: Canadian Dollar Advances Amid Risk Appetite

Canadian Dollar Advances Amid Risk Appetite

06/16/2017 - 05:10:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its most major rivals in early European deals on Friday amid risk appetite, as European stocks rose after Greece clinched a deal with creditors on next stages of ?86 billion bailout program.

Eurozone finance ministers approved to release EUR 8.5 billion financial aid to Greece to help Athens to repay loans maturing next month. The latest tranche of money is part of an ?86 billion bailout, Greece's third rescue program that runs out next year.

Investors digested the Bank of Japan decision, at which it maintained its policy rate and kept its 10-year bond yield target at about zero percent.

The central bank retained its upbeat stance on the economy, saying " private consumption has increased resilience against a background of steady improvement in the employment and income situation."

Further underpinning the currency was rising oil prices, on the back of halt in oil exports from Libya through the firm Glencore, in which Qatar has an 8.5 per cent stake.

Crude for July delivery rose $0.22 to $44.68 per barrel.

In France, President Emmanuel Macron's Republic on the Move party is heading for a large majority in Sunday's legislative elections, following his groundbreaking success in May.

The currency has been trading in a positive territory in the Asian session.

The loonie rose to 1.3241 against the greenback, from a low of 1.3273 hit at 1:15 am ET. The next possible resistance for the loonie is seen around the 1.31 region.

The loonie firmed to 84.07 against the yen, its strongest since March 31. Further uptrend may take the loonie to a resistance around the 86.00 region.

The loonie recovered to 1.0055 against the aussie, from its early low of 1.0077. Continuation of the loonie's uptrend may see it challenging resistance around the 0.99 region.

Although the loonie climbed to near a 2-month high of 1.4771 against the euro in the Asian session, it eased off to 1.4814 in European deals. The pair finished Thursday's deals at 1.4786.

Looking ahead, U.S. housing starts and building permits for May and University of Michigan's preliminary consumer sentiment index are set for release in the New York session.

At 12:45 pm ET, Dallas Fed President Robert Kaplan speaks at the Rotary Club of Park Cities in Dallas.

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