Canadian Dollar Strengthens On Rising Risk Appetite
November 26 2019 - 9:47PM
RTTF2
The Canadian dollar moved up against its major counterparts in
the Asian session on Wednesday amid rising risk appetite, as U.S.
President Donald Trump commented that the talks were in the "final"
stage of phase one deal.
Trump said Tuesday in Washington that the trade talks had
entered their 'final' stage, indicating progress on completion of
the partial trade deal.
"We're in the final throes of a very deal. I guess you could say
one of the most important deals in trade ever," Trump said.
The comments came after China announced new guidelines for the
protection of patents and copyrights and the Chinese Commerce
Ministry said negotiators for both sides had spoken on the phone
and agreed to more talks aimed at reaching a deal.
Investors shrugged off data showing a drop in Chinese industrial
profits in October.
The loonie advanced to an 8-day high of 1.4617 against the euro
from Tuesday's closing value of 1.4626. The loonie is seen finding
resistance around the 1.44 level.
The loonie spiked up to 82.26 against the yen, its strongest
since November 19. The loonie is likely to find resistance around
the 84.00 level.
The loonie that closed Tuesday's trading at 0.9008 against the
aussie firmed to an 8-day high of 0.8993. Next key resistance for
the loonie is seen around the 0.88 mark.
The loonie rose back to 1.3271 against the greenback, heading
towards a 5-day peak of 1.3268 hit at 5:45 pm ET. If the loonie
rises further, 1.30 is likely seen as its next resistance
level.
Looking ahead, Swiss economic sentiment index for November is
set for release in the European session.
In the New York session, U.S. durable goods orders, pending home
sales, personal income and spending data, all for October, weekly
jobless claims for the week ended November 23, GDP data for the
third quarter and Fed Beige book report will be featured.
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