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Forex News: Canadian Dollar Advances On Higher Oil Prices

Canadian Dollar Advances On Higher Oil Prices

10/07/2019 - 08:24:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in the European session on Monday, as oil prices rose ahead of the U.S-China trade talks set to start later this week.

Crude for November delivery rose $0.66 to $53.45 per barrel.

The trade talks will resume on Thursday and Friday, when Chinese Vice-Premier Liu He meets U.S. Trade Representative, Robert Lighthizer, and Treasury Secretary, Steven Mnuchin, in Washington.

U.S. President Donald Trump said on Friday his administration had a "very good chance" of agreeing a trade deal.

On the contrary, the Bloomberg reported, citing people familiar with the discussions that Chinese officials are reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump.

Specifically, Premier Liu He is said to be ruling out commitments to reform Chinese government subsidies or industrial reform.

The currency has been trading higher against its major counterparts in the Asian session, barring the euro.

The loonie advanced to 80.32 against the yen, from a 4-day low of 80.02 seen at 5:00 pm ET. The loonie is seen finding resistance around the 82.00 level.

Preliminary data from the Cabinet Office showed that Japan's leading index fell to the lowest level in nearly a decade in August.

The leading index, which measures the future economic activity, fell to 91.7 in August from 93.7 in July. That was in line with economists' expectations.

The loonie bounced off to 1.3306 against the greenback, after falling to 1.3331 early in the European session. The next likely resistance for the loonie is seen around the 1.30 level.

The loonie recovered to 1.4606 against the euro, from a low of 1.4638 hit at 3:00 am ET. If the loonie rises further, it may find resistance around the 1.44 level.

Figures from Destatis showed that Germany's factory orders declined at a slower pace in August.

Factory orders decreased 0.6 percent on month, slower than the revised 2.1 percent decline seen in July. Economists had forecast a 0.4 percent drop. The loonie appreciated to a 4-day high of 0.8965 against the aussie from Friday's closing value of 0.9009. Next immediate resistance for the loonie is seen around the 0.88 level.

Looking ahead, U.S. consumer credit for August is due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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