Canadian Dollar Lower On Falling Oil Prices
15 Marzo 2022 - 9:14AM
RTTF2
The Canadian dollar weakened against its major counterparts in
the European session on Tuesday, as oil prices dropped on optimism
about ceasefire talks between Ukraine and Russia and rising
COVID-19 cases in China that raised demand concerns.
Investors focused on further talks between Russia and Ukraine to
reach a ceasefire, after Monday's negotiations ended without a
breakthrough.
The latest talks are aimed to achieve a ceasefire, the
withdrawal of Russian troops, and security guarantees for
Ukraine.
Officials from the United States and China held talks in Rome on
Monday and discussed a range of issues including Russia's war in
Ukraine.
The White House said that US National Security Advisor Jake
Sullivan issued a harsh warning to China saying that it will face
significant consequences if it violates sanctions, or aids the war
efforts.
On the virus front, China reported a record 5,280 new cases, the
most in a single day since the pandemic began.
The loonie dipped to a 6-day low of 1.2871 against the greenback
and a 5-day low of 1.4161 against the euro, following its prior
highs of 1.2809 and 1.4007, respectively. The loonie may locate
support around 1.31 against the greenback and 1.44 against the
euro.
The loonie edged down to 0.9252 against the aussie, after rising
to nearly a 2-week high of 0.9202 in the previous session. On the
downside, 0.94 is possibly seen as the next support level for the
currency.
The loonie touched a 4-day low of 91.59 against the yen, easing
from an early high of 92.34. The currency is likely to challenge
support around the 90.00 mark.
Looking ahead, at 8:15 am ET, Canada housing starts for February
are scheduled for release.
Canada manufacturing sales for January, U.S. PPI for February
and New York Fed's empire manufacturing survey for March are set to
be released in the New York session.
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