Canadian Dollar Falls Amid Oil Prices Slide
May 26 2016 - 10:25PM
RTTF2
The Canadian dollar weakened against the other major currencies
in the Asian session on Friday amid oil prices slide, due to global
oversupply concerns.
Crude oil for July delivery are currently down $0.37 to $49.11 a
barrel.
Meanwhile, investors waited for clues about the next U.S.
interest rate hike from Federal Reserve Chair Janet Yellen's speech
later in the day.
Thursday, the Canadian dollar rose 0.31 percent against the U.S.
dollar, 0.60 percent against the yen, 0.03 percent against the euro
and 0.05 percent against the Australian dollar.
In the Asian trading, the Canadian dollar fell to a 2-day low of
0.9389 against the Australian dollar, from yesterday's closing
value of 0.9376. The loonie may test support near the 0.96
area.
Against the U.S. dollar and the euro, the loonie dropped to
1.2999 and 1.4544 from yesterday's closing quotes of 1.2977 and
1.4526, respectively. If the loonie extends its downtrend, it is
likely to find support around 1.33 against the greenback and 1.50
against the euro.
The loonie edged down to 84.54 against the yen, from an early
high of 84.77. On the downside, 82.00 is seen as the next support
level for the loonie.
Looking ahead, the second estimate of U.S. GDP data for the
first quarter, U.S. University of Michigan's final consumer
sentiment index for May and U.S. Baker Hughes rig count data are
due to be released in the New York session.
At 1:15 pm ET, Federal Reserve Chair Janet Yellen is due to
speak at an event hosted by the Harvard University Radcliffe
Institute for Advanced Study.
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