Canadian Dollar Weakens As Oil Prices Fall
18 Ottobre 2024 - 3:30PM
RTTF2
The Canadian dollar declined against its most major counterparts
in the New York session on Friday, as oil prices dropped on
concerns about slowing demand from China.
Official data showed that China's economy grew 4.6 percent in
Q3, slowing from 4.7 percent annual growth in the previous quarter
and falling below the official 5 percent target for 2024.
While industrial production and retail sales grew more than
expected in September, new home prices fell at the fastest pace
since May 2015, underscoring weakness in the housing sector.
Meanwhile, China's major commercial banks have cut their deposit
rates for a second time this year after officials lowered mortgage
and lending rates as part of efforts to boost the economy.
On the geopolitical front, tensions persist after Hamas leader
Yahya Sinwar was killed during an operation by Israeli soldiers in
the Palestinian enclave on Wednesday.
Lebanon's Hezbollah militant group said today it was moving to a
new and escalating phase in its war against Israel while Iran said
"the spirit of resistance will be strengthened".
The loonie fell to a 3-day low of 1.3810 against the greenback
and 2-day lows of 1.4995 against the euro and 108.27 against the
yen, off its early highs of 1.3785, 1.4937 and 108.93,
respectively. The currency is likely to locate support around 1.41
against the greenback, 1.51 against the euro and 106.00 against the
yen.
Meanwhile, the loonie recovered to 0.9246 against the aussie,
from an early 3-day low of 0.9267. The currency is poised to
challenge resistance around the 0.90 level.
Grafico Cross Euro vs CAD (FX:EURCAD)
Da Set 2024 a Ott 2024
Grafico Cross Euro vs CAD (FX:EURCAD)
Da Ott 2023 a Ott 2024
