Canadian Dollar Advances Amid Risk Appetite

RTTNews | 687 days ago
Stocktwits
Canadian Dollar Advances Amid Risk Appetite

(RTTNews) - The Canadian dollar climbed against its major counterparts in the European session on Tuesday amid risk appetite, as investors awaited Nvidia's earnings results on Wednesday and the Jackson Hole symposium later this week.

A drop in bond yields is contributing as well to the positive mood in the stock markets. Several stocks have moved higher on bargain hunting after recent sharp losses.

Federal Reserve chairman Jerome Powell is scheduled to speak at the gathering on Friday, which could provide additional insights about interest rate strategy.

Traders are expecting a pause in rate hikes next month.

Positive sentiment surrounding Nvidia's earnings report also helped lift European stocks.

The loonie touched 1.4687 against the euro, setting a 1-week high. On the upside, 1.44 is possibly seen as its next resistance level.

Against the greenback, the loonie rose to 1.3513. The loonie may find resistance around the 1.33 level.

The loonie rebounded to 107.93 against the yen and 0.8696 against the aussie, reversing from an early low of 107.55 and a 6-day low of 0.8732, respectively. The currency is seen facing resistance around 109.00 against the yen and 0.84 against the aussie.

Tags: AUDCAD USDCAD EURCAD CADJPY
Stocktwits
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Yen Falls As Traders Speculate BoJ Rate Hike Pause

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