Canadian Dollar Climbs On Risk Appetite
28 Juillet 2015 - 1:14PM
RTTF2
The Canadian dollar gained ground against its most major rivals
in European deals on Tuesday, as European stocks rallied, following
yesterday's China-led global rout, amid strong corporate earning
results and M&A activities.
In order to counter major sell-off, China's central bank said it
would continue to inject funds into the stock markets, while
regulators pledged to continue their share purchases.
The People's Bank of China said it would inject 50 billion yuan
into the money markets via open-market operations in its biggest
liquidity injection since July 7. The central bank also hinted at
further monetary easing using "various monetary tools" to help ease
fears about the impact of stock market volatility on the broader
economy.
Traders await data on U.S. home prices and consumer confidence,
as well as the Federal Reserve's 2-day policy meeting beginning
later in the day. While economists do not expect an immediate rate
hike, investors are hoping that the language of the policy
statement could provide further clues about how close officials
believe they are getting to raise rates.
The loonie has been trading higher against its major rivals,
except the aussie, in the previous session.
In European deals, the loonie advanced to a 4-day high of 95.17
versus the yen, off early 4-month low of 94.36. The loonie-yen pair
may locate resistance around the 96.00 mark. At yesterday's close,
the pair was valued at 94.51.
The loonie edged up to 1.2996 against the greenback and 1.4353
against the euro, coming off from its previous lows of 1.3042 and
1.4463,respectively. If the loonie continues its uptrend, it is
likely to find resistance around 1.29 against the greenback and
1.43 against the euro. The loonie ended Monday's trading at 1.3036
against the greenback and 1.4452 against the euro.
Meanwhile, the loonie held steady against the aussie in European
trading, following a 4-day decline to 0.9527 at 1:00 am ET. The
pair was quoted at 0.9472 at yesterday's close.
Looking ahead, Canada industrial product and raw materials price
indices for June and U.S. S&P/Case-Shiller home price index for
May, Markit's preliminary U.S. service sector PMI report for July
and U.S. consumer confidence for July are slated for release in the
New York session.
Euro vs CAD (FX:EURCAD)
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Euro vs CAD (FX:EURCAD)
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