Canadian Dollar Falls Amid Oil Prices Slide
October 26 2016 - 2:23AM
RTTF2
The Canadian dollar weakened against most major currencies in
the European session on Wednesday, as crude oil prices slide fell
amid skepticism over the proposed output cut by the OPEC at
November meeting and as U.S. stockpiles of crude rose.
Crude for December is currently down by 0.66 percent or $49.30
per barrel.
Data from the American Petroleum Institute or API, showed that
the U.S. crude stocks rose by 4.8 million barrels this week.
Meanwhile, traders await the Official data by the Energy
Information Administration (EIA) is due later on the day.
In the Asian trading today, the Canadian dollar held steady
against its major rivals.
In the European trading, the Canadian dollar fell to nearly a
2-week high of 1.4603 against the euro and a 2-day low of 77.85
against the yen, from early highs of 1.4519 and 78.18,
respectively. If the loonie extends its downtrend, it is likely to
find support around 1.48 against the euro and 76.00 against the
yen.
Against the U.S. dollar, the loonie dropped to 1.3367 from an
early high of 1.3332. On the downside, 1.35 is seen as the next
support level for the loonie.
Meanwhile, the loonie fell to a 2-1/2-year high of 1.0286
against the Australian dollar, from an early high of 1.0183 and
held steady thereafter.
Looking ahead, U.S. advances goods trade balance for September,
wholesale inventories for September, Markit's U.S. flash PMI
reports for October, U.S. home sales data for September, and U.S.
crude oil inventories data are set to be published in the New York
session.
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