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Canadian Dollar Climbs Amid Risk Appetite

11:56, 8th August 2022

(RTTNews) - The Canadian dollar strengthened against its most major counterparts in the European session on Monday amid risk appetite, as strong U.S. jobs data suggested that the economy is likely avoid a hard landing despite aggressive Fed tightening to control inflation.

The U.S. economy added more jobs than expected in July and the unemployment rate fell, dispelling the fears about a potential recession.

Investors await the release of key U.S. inflation data due later this week.

The headline inflation is seen slowing to 8.7 percent year-on-year in July, down from 9.1 percent in the prior month.

Better-than-expected Chinese trade data released over the weekend eased concerns about the economic outlook.

The loonie advanced to 4-day highs of 1.2839 against the greenback and 1.3099 against the euro, after falling to 1.2950 and 1.3172, respectively in early deals. The next possible resistance for the loonie is seen around 1.25 against the greenback and 1.28 against the euro.

The loonie touched 104.98 against the yen, its highest level since July 29. On the upside, 106.00 is possibly seen as the next resistance level for the loonie.

In contrast, the loonie was down against the aussie, at a 6-day low of 0.9005. The loonie may challenge support around the 0.92 level.

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