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Forex News: Canadian Dollar Higher On China Tariff Cuts

Canadian Dollar Higher On China Tariff Cuts

02/06/2020 - 09:47:00 (RTTNews)

(RTTNews) - The Canadian dollar appreciated against its most major counterparts in the European session on Thursday, as the Chinese government's decision to cut tariffs on U.S. imports bolstered sentiment.

China said it would slash tariffs on $75 billion of U.S. imports by half from February 14.

China's finance ministry said that it would lower tariffs on some U.S. goods from 10 percent to five percent and on others from five percent to 2.5 percent.

Washington would reduce levies on Chinese goods on the same day, as agreed in Phase One of the trade deal.

The move triggered hopes that the global economy is likely to withstand long-term impact from the coronavirus outbreak.

The loonie traded mixed against its major rivals in the Asian session. While it rose against the yen, it held steady against the greenback and the euro. Against the aussie, it fell.

The loonie rose to 1.3270 against the greenback, from a low of 1.3288 hit at 7:30 pm ET. The loonie is poised to find resistance around the 1.30 level.

The loonie climbed to a 6-day high of 1.4595 against the euro from Wednesday's closing value of 1.4608. If the loonie rises further, 1.44 is likely seen as its next resistance level.

Survey data from IHS Markit showed that German construction sector expanded at the fastest pace in ten months in January and was the second fastest over past two years, led by home building and commercial activity.

The construction Purchasing Managers' Index rose to 54.9 in January from 53.8 in December.

The loonie firmed to an 8-day high of 82.83 against the yen from yesterday's closing quote of 82.68. On the upside, 84.00 is seen as the next resistance level for the loonie.

In contrast, the loonie retreated to 0.8977 against the aussie, from an early high of 0.8952. The next possible support for the loonie is seen around the 0.945 level.

Data from the Australian Bureau of Statistics showed that the total value of retail sales in Australia was down a seasonally adjusted 0.5 percent on month in December, coming in at A$27.765 billion. That missed expectations for a decline of 0.2 percent following the 0.9 percent gain in November.

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