EURCAD Euro vs Canadian Dollar

The Canadian dollar advanced against its major rivals in the European session on Monday, as European shares rose after the People's Bank of China injected liquidity into the financial system to help lenders manage upcoming government bond sales.

Investors also looked to the Fed minutes from last month's meeting, due to be released on Wednesday, for more clues on the thinking inside the U.S. central bank.

News that China planned to buy more U.S. crude oil in the coming months cheered investors.

Chinese state-owned oil firms have booked tankers to transport about 20 million barrels of crude oil during this month and the next.

The news eased investor worries that China will not stick to its purchase commitments under phase one trade deal.

The loonie rose to 1.3225 against the greenback and 1.5665 against the euro, from its early low of 1.3264 and a 1-week low of 1.5722, respectively. The next possible resistance for the loonie is seen around 1.29 against the greenback and 1.55 against the euro.

The loonie recovered to 80.49 against the yen, up from a 5-day low of 80.29 seen at 9:30 pm ET. Next key resistance for the loonie is seen around the 82.00 region.

After falling to a 6-day low of 0.9541 in the Asian session, the loonie moved up to 0.9497 against the aussie. If the loonie rises further, 0.93 is possibly seen as its next resistance level.

Looking ahead, New York Fed's empire manufacturing data and NAHB housing market index for August are scheduled for release in the New York session.

Euro vs CAD (FX:EURCAD)
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Euro vs CAD (FX:EURCAD)
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