|Latest Release:||05-02-2015 13:30:00|
|Next Release:||14-11-2013 13:30:00|
The Canadian dollar rebounded from a three-month low against its US counterpart Wednesday, as exports continued to climb amid geopolitical tensions.
The loonie, as Canadaâs currency is called, advanced 0.23 percent to 0.9144 US, a session high. The loonie tumbled more than half a percent to 0.9110 US on Tuesday, as weak oil prices and a surging US dollar kept demand for the Canadian currency subdued.
Also weighing on the Canadian dollar on Tuesday was weak services data from China. Services output from the worldâs second largest economy fell into neutral territory last month, as a cooling property market weighed on business activity.
HSBCâs gauge if Chinese service activity tumbled in July from 53.1 to 50.
The Canadian dollar has tumbled 3 percent since its July 3rd high, highlighting the currencyâs vulnerability to domestic uncertainty and a bullish US dollar.
The USD/CAD pair tumbled 0.28 percent to 1.0930. Initial support is located at 1.0917 and resistance at 1.0991.
The loonie recovered against the euro, which reacted negatively to a sharp fall in German factory orders. The EUR/CAD tumbled 0.41 percent to 1.4599. The pair is testing initial support at 1.4601. On the upside, resistance is likely found at 1.4684.
The loonie rebounded against the British pound, as the GBP/CAD declined 0.58 percent to 1.8392. Initial support is located at 1.8331 and resistance at 1.8559....
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