Canadian Dollar Falls On Declining Oil Prices
16 Aprile 2019 - 06:17AM
RTTF2
The Canadian dollar slipped against its major counterparts in
the early European session on Tuesday, as oil prices weakened
following remarks from Russian finance minister Anton Siluanov
suggesting an increase in oil production of the nation and OPEC to
combat market share with America.
Crude for May delivery fell $0.06 to $63.34 per barrel.
Over the weekend, Siluanov remarked that Russia along with OPEC
is likely to decide to boost production to fight for market share
with the United States.
Investors await weekly crude oil inventory report from the
American Petroleum Institute later in the day for directional
clues. In the previous week, U.S. oil inventories showed a build of
4.091 million barrels for the week ended April 5.
U.S. earnings news remain in focus, with Bank of America (BAC),
Johnson & Johnson (JNJ) and UnitedHealth (UNH) among the
companies due to report their quarterly results later today.
The loonie fell to a 3-week low of 1.5154 against the euro, from
a high of 1.5108 hit at 5:00 pm ET. The next possible resistance
for the loonie is seen around the 1.53 level.
Having advanced to 1.3366 against the greenback at 5:00 pm ET,
the loonie reversed direction and declined to an 11-day low of
1.3403. If the loonie rises further, 1.36 is possibly seen as its
next resistance level.
The loonie weakened to a 4-day low of 83.48 against the yen,
following a high of 83.81 seen at 5:00 pm ET. The loonie is poised
to find resistance around the 82.00 level.
On the flip side, the loonie appreciated to 0.9561 against the
aussie, from an early low of 0.9596 and held steady thereafter. The
pair ended Monday's trading at 0.9588.
Looking ahead, U.K. ILO jobless rate for February ad German ZEW
economic sentiment index for April are due in the European
session.
In the New York session, Canada manufacturing sales for
February, U.S. industrial production for March and NAHB housing
market index for April are set for release.
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