Canadian Dollar Strengthens Amid Risk Appetite
(RTTNews) - The Canadian dollar advanced against its most major counterparts in the New York session on Monday, as investors shrugged off tariff threats from President Donald Trump over the weekend.
Trump announced 30 percent tariffs on imports from the European Union and Mexico starting August 1.
However, both countries indicated willingness to negotiate with the Trump administration to avoid escalation of trade war.
Traders awaited data on inflation and retail sales scheduled to be released this week.
The loonie climbed to a fresh 5-month high of 107.91 against the yen and a 4-day high of 0.8962 against the aussie. The loonie is seen finding resistance around 110.00 against the yen and 0.88 against the aussie.
The loonie rose back to 1.5968 against the euro. This may be compared to an early 10-day high of 1.5963. The loonie may challenge resistance around the 1.55 level.
In contrast, the loonie weakened to 1.3708 against the greenback. If the currency falls further, it is likely to test support around the 1.40 level.
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