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Forex News: Canadian Dollar Climbs Amid Risk Appetite

Canadian Dollar Climbs Amid Risk Appetite

03/27/2018 - 03:42:00 (RTTNews)

(RTTNews) - The Canadian dollar firmed against its major opponents in pre-European deals on Tuesday, as Asian shares rose amid easing concerns about a potential trade war.

U.S. Treasury Secretary Steven Mnuchin said in an interview that productive conversations are ongoing and he is "cautiously hopeful" a trade agreement can be reached, helping raise hopes the U.S. and China are quietly talking to ease trade tensions.

Chinese Premier Li Keqiang also told a conference that the U.S. and China should maintain negotiations to avoid a trade war.

Further underpinning sentiment was rising oil prices, as tensions in the Middle East triggered fears about disruption of oil supplies.

Crude for May delivery rose $0.08 to $65.63 per barrel.

The loonie advanced to a 2-week high of 82.45 against the yen and a 4-day high of 0.9912 against the aussie, from its early lows of 81.98 and 0.9961, respectively. The loonie is seen finding resistance around 84.00 against the yen and 0.98 against the aussie.

The loonie hit more than a 2-week high of 1.2815 against the greenback, off its early low of 1.2855. The next possible resistance for the loonie is seen around the 1.26 level.

Reversing from an early low of 1.6004 against the euro, the loonie edged up to 1.5972. The loonie is likely to find resistance around the 1.55 level.

Looking ahead, Eurozone M3 money supply for February and economic confidence index for March are scheduled for release in the European session.

In the New York session, U.S. S&P/Case-Shiller home price index for January and consumer confidence index for March are due.

At 11:00 am ET, Atlanta Fed President Raphael Bostic speaks at the Hope Global Forums Annual Meeting in Atlanta.

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