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Forex News: Canadian Dollar Climbs On Risk Appetite

Canadian Dollar Climbs On Risk Appetite

01/07/2020 - 05:20:00 (RTTNews)

(RTTNews) - The Canadian dollar strengthened against its major counterparts in early European deals on Tuesday, as U.S.-Iran tensions eased after there was no further escalation in conflict.

Global sell-off in stocks abated amid lack of fresh developments in the conflict between the U.S. and Iran.

On the trade front, it is expected that the Chinese trade delegation will sign the first phase of its trade deal with the U.S. in Washington on Jan. 15.

Investors turned cautiously optimistic about economic growth prospects in the year ahead after surveys of service sectors out overnight showed an improvement in the United States, U.K. and EU.

Investors await reports on the U.S. trade deficit, service sector activity and factory orders due later in the day.

The loonie held steady against its major opponents in the previous session, except the aussie.

The loonie rose to more than a 2-month high of 0.8939 against the aussie from Monday's closing value of 0.8997. The loonie is poised to challenge resistance around the 0.88 level.

Data from ANZ showed that Australia's job advertisement declined at the fastest pace in seven months in December.

Job ads dropped 6.7 percent month-on-month in December, following a 1.8 percent decrease in November. This was the third consecutive fall and the biggest drop since May.

The loonie appreciated to a weekly high of 1.2957 against the greenback, compared to Monday's closing quote of 1.2964. If the loonie rises further, 1.28 is possibly seen as its next resistance level.

The loonie firmed to a 5-day high of 83.73 against the yen, from yesterday's closing value of 83.59. The loonie is seen finding resistance around the 85.00 level.

The loonie gained to 1.4492 against the euro, after falling to 1.4517 in the Asian session. The loonie is likely to locate resistance around the 1.42 level.

Survey data from IHS Markit showed that Germany's construction sector expanded at the fastest pace in nine months in December.

The construction Purchasing Managers' Index rose to 53.8 in December from 52.5 in November. This was the highest score since March.

Looking ahead, U.S. and Canadian trade data for November, ISM services PMI for December, factory orders for November and Canada Ivey PMI for December will be featured in the New York session.

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