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​The Canadian dollar fell against its major counterparts in the European session on Monday

2018-08-13 01:16 pm | Resource: NEWS | No Views : 296



The Canadian dollar fell against its major counterparts in the European session on Monday amid risk aversion as investors watched a worsening trade dispute between the United States and Turkey.

The lira recovered some of its losses after hitting a new record early on Wednesday on fears of a deep rift with the United States.

Investors continue to worry about the potential infection of Turkey's problems to other emerging markets.

Turkish President Recep Tayyip Erdogan blamed the currency as a "conspiracy against Turkey" and said he would seek new alliances and new markets unless the United States retreated from its hostile stance.

The Canadian dollar fell to 1.3170 against the US dollar, its lowest level since July 24. The Canadian dollar is likely to challenge the support level around the 1.33 level.

The Canadian dollar fell to 1.4996 against the euro and held steady. If the Canadian dollar is lower, 1.52 is likely to be seen as the next support level.

The Canadian dollar weakened to a one-and-a-half month low of 83.63 against the yen from last week's closing at 84.34. On the downside, 82.00 is likely to be seen as the next support level for the Canadian dollar.

On the other hand, the Canadian dollar rose to 0.9558 against the Australian dollar, from a low of 0.9592 at 7:15 am Eastern time. The next resistance against the Canadian dollar is likely to be around the 0.94 level.


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