Canadian Dollar Drops On Falling Oil Prices After OPEC Report

Date : 03/14/2017 @ 6:14AM
Source : RTTF2
Stock : United States Dollar (B) VS Canadian Dollar Spot (USD/Cad) (USDCAD)
Quote : 1.34505  -0.000005 (-0.00%) @ 9:57PM
United States Dollar vs Canadian share price Chart

Canadian Dollar Drops On Falling Oil Prices After OPEC Report

United States Dollar vs Canadian (FX:USDCAD)
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3 Months : From Feb 2017 to May 2017

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The Canadian dollar slipped against its major counterparts in the European session on Tuesday, as oil prices fell on indications of Saudi Arabia boosting output in February, fueling worries over a global glut.

Crude for April delivery dropped $0.75 to $47.65 per barrel.

In its latest monthly oil market report, the OPEC said that the kingdom raised its output by 263,300 barrels of oil per day to 10.011 million barrels of oil per day in February, in contrast with a third of the reductions it delivered in January.

However, the output is still below the agreed limit of 10.058 million barrels of oil per day under a November deal to slash production.

The Federal Reserve interest rate decision is due tomorrow, with a 25 basis-point rate hike a near certainty.

Meanwhile, the American Petroleum Institute will release its oil inventories report this afternoon, while the Energy Information Administration will publish its official data tomorrow.

The loonie held steady against its major counterparts in the Asian session, with the exception of the aussie.

The loonie fell to a 4-day low of 1.3495 against the greenback, off its early high of 1.3439. If the loonie extends decline, it may challenge support around the 1.36 mark.

Data from the Labor Department showed that the U.S. producer prices rose stronger than expected in February, although the pace of growth slowed notably from last month.

The producer price index for final demand advanced by 0.3 percent in February, following a rise of 0.6 percent in January. Economists had expected PPI to rise by 0.1 percent for the month

Reversing from an early 4-day high of 1.4296 against the euro, the loonie dropped to 1.4347.The next possible support for the loonie may be found around the 1.46 region.

Survey data from the the Mannheim-based Centre for European Economic Research/ZEW showed that the ZEW Indicator of Economic Sentiment gained 2.4 points to 12.8 in March. The score was below the long-term average of 23.9 and the expected level of 13.0.

The current conditions index of the survey rose 0.9 points to 77.3 in March. The expected reading was 78.0.

Having advanced to a 4-day high of 85.57 against the Japanese yen at 3:15 am ET, the loonie weakened to a 4-day low of 85.09. On the downside, the loonie may challenge support around the 82.00 level.

Following an advance to 1.0155 against the aussie at 9:00 pm ET, the loonie dropped to 1.0195 in the European session. Continuation of the loonie's downtrend may see it challenging support around the 1.03 area.

The survey from the National Australia Bank revealed that Australia's business confidence deteriorated in February, with an index score of +7.

That's down from +10 in January.

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P:42 V:us D:20170527 09:57:51