Canadian Dollar Slides On Weak Oil Prices
July 31 2015 - 5:10AM
RTTF2
The Canadian dollar declined against the other major currencies
in European morning deals on Friday, as oil prices fell after OPEC
Secretary-General Abdullah El-Badri said the oil producers' cartel
is not planning production cuts despite the fall in crude prices
over recent months and the prospects of greater supply of oil into
the market.
Crude for September delivery fell $0.61 to $47.91 a barrel.
At a press conference in Moscow on Thursday, El-Badri insisted
that the OPEC has decided to maintain its production at 30 million
barrels a day and it would not cut its oil production. The rising
demand is expected to prevent a further decline in oil prices, he
added.
European markets are trading mixed, amid corporate earning
results and the Chinese stock-market selloff seems far from
over.
In the Asian session, the loonie dropped against the aussie,
while holding steady against the rest of the major currencies.
In European deals, the loonie dropped to a 4-day low of 1.3044
against the greenback, down by 0.4 percent from Thursday's closing
value of 1.2994. The loonie is likely to find support around the
1.32 zone.
The loonie that closed yesterday's trading at 1.4200 against the
euro slipped to a 2-day low of 1.4274. The next possible support
for the loonie may be located around the 1.435 level.
The loonie fell by 0.2 percent to hit a 3-day low of 95.25
versus the Japanese yen. The pair was valued at 95.44 at Thursday's
trading. Continuation of the loonie's downtrend may take it to a
support around the 94.00 area.
The loonie dropped to a 2-day low of 0.9498 against the aussie,
compared to yesterday's closing quote of 0.9470. On the downside,
0.96 is possibly seen as the next support level for the loonie.
Looking ahead, Eurozone unemployment rate for June and CPI for
July are set to be published shortly.
In the New York session, Canada GDP for May, U.S. Chicago PMI
for July and University of Michigan's final U.S. consumer sentiment
index for July are due.
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