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Forex News: Canadian Dollar Rises Amid Risk Appetite

Canadian Dollar Rises Amid Risk Appetite

06/09/2017 - 06:27:00 (RTTNews)

(RTTNews) - The Canadian dollar climbed against its major counterparts in the early European session on Thursday amid risk appetite, as traders took the inconclusive U.K. election result and former FBI Director James Comey's Senate testimony in their stride.

May's Conservative party won 316 of the 650 seats, falling short of 326 needed to command a parliamentary majority. No party secured an outright majority in elections, resulting in a hung Parliament.

Testimony by former FBI director James Comey before a Senate committee on his firing by President Donald Trump proved to be less controversial than many had feared. Comey remarked that Trump requested his "loyalty" and cease a criminal investigation into former National Security Adviser Mike Flynn.

Oil prices rose despite indications of soaring supplies from the U.S. to Nigeria.

Crude for July delivery rose to $0.16 to $45.80 per barrel.

The loonie rose against its major rivals in the Asian session, with the exception of the aussie.

The loonie edged up to 1.3502 against the greenback, off early weekly low of 1.3538. The next possible resistance for the loonie is seen around the 1.33 region.

The loonie advanced to a 2-day high of 1.5089 against the euro, from a low of 1.5192 hit at 5:00 pm ET. Continuation of the loonie's uptrend may see it challenging resistance around the 1.49 level.

Data from Destatis showed that Germany's exports grew more than expected in April.

Exports grew 0.9 percent month-on-month in April, faster than the 0.4 percent increase seen in March and the 0.3 percent rise economists had expected.

The loonie ticked up to 1.0174 against the aussie. This may be compared to a 2-day high of 1.0162 hit at 5:00 pm ET. If the loonie extends rise, 1.00 is likely seen as its next resistance level.

The loonie rose to a session's high of 81.78 against the Japanese yen, compared to 81.45 hit late New York Thursday. The loonie is seen finding resistance around the 83.00 area.

Figures from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index increased at a faster-than-expected pace in April, after falling in the previous four months.

The tertiary activity index rose 1.2 percent month-over-month in April, reversing a 0.3 percent drop in March. That was above the 0.5 percent climb economists had expected.

Looking ahead, Canada jobs data for May and U.S. wholesale inventories for April are due in the New York session.

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