Canadian Dollar Falls As Oil Prices Drop
08 Novembre 2023 - 3:06PM
RTTF2
The Canadian dollar dropped against its most major counterparts
in the New York session on Wednesday, amid weak commodity
prices.
WTI crude oil fell below $76 a barrel on concerns over receding
demand in the United States and China.
The U.S. Energy Information Administration revised down its
petroleum consumption forecast for this year.
The EIA now expects total U.S. petroleum consumption to drop by
300,000 barrels per day, instead of its previous forecast of a
100,000 bpd increase.
On the economic front, data from Statistics Canada showed the
total value of building permits in Canada fell sharply by 6.1% from
a month earlier to $11.2 billion in September, reversing an
upwardly revised 4.3% growth in the prior month.
The loonie touched 1.4790 against the euro, its lowest level
since August 31. The currency may find support around the 1.50
level.
The loonie fell to 1.3814 against the greenback, hitting a 6-day
low. If the loonie drops further, it may find support around the
1.41 area.
The loonie retraced its early gains against the yen and was
trading at 109.32. This may be compared to its previous 5-day low
of 109.14. The next possible support for the loonie is seen around
the 106.00 level.
In contrast, the loonie was higher against the aussie, at
0.8848. On the upside, 0.86 is likely seen as the next resistance
level.
Grafico Cross US Dollar vs CAD (FX:USDCAD)
Da Giu 2024 a Lug 2024
Grafico Cross US Dollar vs CAD (FX:USDCAD)
Da Lug 2023 a Lug 2024
