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Canadian Dollar Climbs Amid Risk Appetite
(RTTNews) - The Canadian dollar advanced against its major counterparts in the New York session on Tuesday, as investor sentiment improved after Treasury Secretary Scott Bessent said that the trade war between the US and China may de-escalate.
Bessent said that the standoff with China is unsustainable and that he expects de-escalation of trade war.
Bessent noted that while formal negotiations have not commenced, the situation may de-escalate.
Bessent's comments fueled hopes that a deal ending the trade war between the U.S. and China is possible.
Stock markets rallied after Bessent's comments, with the S&P 500 rallying 2% on the day.
The loonie recovered to 1.3796 against the greenback, 102.46 against the yen and 0.8811 against the aussie, from an early 4-day low of 1.3860, nearly 2-year low of 101.26 and nearly a 3-week low of 0.8889, respectively. The currency is poised to challenge resistance around 1.35 against the greenback, 106.5 against the yen and 0.86 against the aussie.
The loonie edged up to 1.5775 against the euro. The currency is seen finding resistance around the 1.54 level.
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