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Canadian Dollar Rises as Risk Appetite Raises

2018-08-27 08:07 am | Resource: News | No Views : 254




The Canadian dollar rose against most of its major counterparts in the Asian session on Monday amid rising risk appetite. Asian stocks rose after a positive US stock market closed on Friday after Federal Reserve Chairman Jerome Powell said the strength of US economic expansion justified the rate Incremental interest raises.

Federal Reserve Chairman Jerome Powell made the remarks on Friday

At the Jackson Hole Symposium in Wyoming, Powell said: "As the latest FOMC statement indicates, if strong growth in income and jobs continues, there is likely to be gradual increases in the target range of the federal funds rate."

On the other side of the ocean, the People's Bank of China (PBOC) has announced that it is changing its methodology to determine the yuan's daily midpoint in order to maintain the stability of the currency market. The central bank said it was resuming the use of a "cyclical countervailing factor" to determine the daily midpoint of the yuan, helping stabilize the currency.

The Canadian dollar was trading higher against its major counterparts

The Canadian dollar rose to a 4-day high of 1.3007 against the US dollar, compared to 1.3025 on late Friday in New York. On the upside, 1.28 is likely to be seen as the next resistance level for the Canadian dollar.

The Canadian dollar rose to 1.5108 against the euro, from a low of 1.5159 at 02:45 am GMT. The Canadian dollar is likely to reach resistance around 1.50.

The Canadian dollar fell from an early low of 0.9555 against the Australian dollar, and the Canadian dollar rose to 0.9522. The next resistance against the Canadian dollar is likely to be around the 0.93 level.

Meanwhile, after advancing to a 3-week high of 85.58 against the yen at 3:15 am GMT, the Canadian dollar fell to 85.20 and then settled. The Canadian Dollar is expected to find support around 84.00.

The Canadian dollar is one of the currencies that is closely linked to oil movements, with oil as a major export to Canada


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