Canadian Dollar Rises Amid Risk Appetite
(RTTNews) - The Canadian dollar advanced against its major counterparts in the New York session on Thursday, as U.S. President Donald Trump's criticism of the Fed Chair raised the prospects of an early rate cut.
Trump called Powell "terrible" for not cutting rates and suggested that he has three or four names for his replacement.
The Wall Street Journal reported that Trump could announce a new Fed Chair as soon as September or October.
Oil prices rose after data showed a draw in oil inventories.
WTI futures climbed 1.4 percent to $65.80 per barrel.
The loonie climbed to a 9-day high of 1.3617 against the greenback. The currency is poised to find resistance around the 1.34 level.
The loonie recovered to 106.00 against the yen, 1.5938 against the euro and 0.8924 against the aussie, from an early nearly 2-week low of 105.03, more than 7-year low of 1.6065 and a fresh 5-week low of 0.8961, respectively. The next possible resistance for the currency is seen around 109.00 against the yen, 1.55 against the euro and 0.86 against the aussie.
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