Canadian Dollar Weakens Amid Falling Oil Prices
03 Novembre 2021 - 04:30AM
RTTF2
The Canadian dollar dropped against its major rivals in the
Asian session on Wednesday, after an industry data showed that U.S.
crude inventories rose more than forecast last week.
The American Petroleum Institute reported late Tuesday that U.S.
crude stocks rose by 3.6 million barrels for the week ended October
29, up from expectations of 1.6 million-barrel increase. This is up
from a surge of 2.3 million barrels in the previous week.
The API data also showed gasoline stockpiles declined by 552,000
barrels last week, while distillate inventories gained by 573,000
barrels.
The Energy Information Administration will release its official
inventory data later today.
The Fed is expected to announce the start of tapering bond
purchases when it concludes monetary policy meeting later in the
day.
Investors await more hints about the possibility of interest
rate hikes next year in the wake of the recent spike in
inflation.
The loonie edged down to 1.4390 against the euro and 0.9244
against the aussie, off its early highs of 1.4353 and 0.9208,
respectively. The loonie is poised to challenge support around 1.46
against the euro and 0.94 against the aussie.
Reversing from its previous highs of 1.2398 against the
greenback and 91.86 against the yen, the loonie weakened to 1.2422
and 91.59, respectively. The loonie is seen finding support around
1.26 against the greenback and 0.90 against the yen.
Looking ahead, U.K. services PMI for October and Eurozone
jobless rate for September are due in the European session.
U.S. ADP private payrolls data for October is scheduled for
release at 8:15 am ET.
U.S. ISM services PMI for October and factory orders for
September will be out in the New York session.
At 2:00 pm ET, the Fed announces its decision on interest rate.
Economists widely expect the federal funds rate to be kept at
0-0.25 percent.
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