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Forex News: Canadian Dollar Climbs On Risk Appetite

Canadian Dollar Climbs On Risk Appetite

05/03/2019 - 06:10:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its major counterparts in the early European session on Friday, as European shares strengthened ahead of U.S. jobs data, due out later in the day.

Economists expect the employment to increase by 185,000 jobs in April following the addition of 196,000 jobs in March. The unemployment rate is expected to hold at 3.8 percent.

Banking shares rose, led by a rise in shares of HSBC Holdings, after the lender reported first-quarter profit that beats estimates.

Meanwhile, Chinese official media Global Times reported on Thursday that the 10th round of high-level economic and trade talks, which concluded on Wednesday, had fewer details about specific discussions and results.

The currency held steady against its major counterparts in the Asian session, excepting the aussie.

The loonie rose to 82.85 against the yen, from a low of 82.69 hit at 9:30 pm ET. The next key resistance for the loonie is likely seen around the 84.00 region.

The loonie that closed Thursday's trading at 1.3474 against the greenback appreciated to 1.3459. On the upside, 1.33 is possibly seen as the next resistance level for the loonie.

The Canadian currency touched a 2-day high of 1.5022 against the euro, compared to 1.5049 hit late New York Thursday. The loonie is seen finding resistance around the 1.48 level.

The Canadian unit rose back to 0.9410 against the aussie, reversing from a low of 0.9431 touched at 6:00 pm ET. Next key resistance for the loonie is seen around the 0.925 level.

Looking ahead, U.S. advance goods trade data and wholesale inventories for March, as well as jobs data and ISM services PMI for April are scheduled for release In the New York session.

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