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Forex News: Canadian Dollar Trades Higher Amid Risk Appetite

Canadian Dollar Trades Higher Amid Risk Appetite

03/15/2021 - 09:30:00 (RTTNews)

(RTTNews) - The Canadian dollar moved higher against its major counterparts in the European session on Monday amid risk appetite, as Treasury yields retreated and China data boosted hopes of the economic recovery from the coronavirus pandemic.

Official data showed that industrial production in China jumped 35.1 percent year-on-year in the period including January and February - beating forecasts for an increase of 30 percent.

Retail sales spiked an annual 33.8 percent to exceed expectations while weaker-than-expected investment growth and rise in unemployment disappointed markets.

Investors focus on Fed meeting due this week for more clues about economic growth outlook.

Treasury Secretary Janet Yellen dismissed fears about a rise in inflation on Sunday, saying that the risk is "small" and "manageable".

The loonie firmed to 1.2441 against the greenback, a level unseen since February 2018. On the upside, 1.21 is likely seen as the next resistance level for the loonie.

The loonie appreciated to 1.4843 against the euro, its strongest level in more than a year. The loonie is seen finding resistance around the 1.47 level.

Data from Destatis showed that German wholesale price inflation reached its strongest level since late 2018.

Wholesale prices advanced 2.3 percent year-on-year in February, after staying flat in January. This was the fastest growth since December 2018.

The loonie hit a 3-month high of 0.9637 against the aussie, up from Friday's close of 0.9674. The loonie is likely to target resistance around the 0.94 region.

The Canadian currency firmed to a 2-1/2-year high of 87.67 against the yen and held steady thereafter. The pair had closed last week's deals at 87.37.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity fell for the third straight month in January.

The tertiary activity index declined 1.7 percent month-on-month in January, following a 0.3 percent decrease in December.

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