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Forex News: Canadian Dollar Declines On Falling Oil Prices

Canadian Dollar Declines On Falling Oil Prices

07/04/2019 - 06:38:00 (RTTNews)

(RTTNews) - The Canadian dollar dropped against its most major counterparts in the early European session on Thursday, as oil prices fell following a lower-than-expected draw in U.S. oil inventories that stocked fears about slowing oil-demand growth.

Data from the Energy Information Administration showed on Wednesday that U.S. crude stockpiles fell 1.1 million barrels in the week ended June 28, compared to expectations for a decline of nearly 3 million barrels.

Gasoline inventories were down by about 1.58 million barrels, much less than an expected drop of about 2.17 million barrels.

Meanwhile, distillate stockpiles increased unexpectedly by 1.58 million barrels.

The data pointed to slowing demand growth in the U.S. as economic growth remained sluggish.

That said, Fed rate cut hopes and news that top representatives from the United States and China are arranging to resume talks next week to try to resolve a year-long trade war kept underlying sentiment buoyant.

The currency declined against its major counterparts in the Asian session, excepting the yen.

The loonie slipped to 82.42 against the yen, from a 2-day high of 82.59 hit at 5:00 pm ET. Next key support for the loonie is likely seen around the 80.5 region.

The loonie edged down to 1.3079 against the greenback, after touching a session's high of 1.3055 at 5:00 pm ET. The next possible support for the loonie is seen around the 1.33 level.

Reversing from a high of 1.4724 hit at 5:00 pm ET, the loonie dropped to 1.4762 against the euro. The loonie is seen finding support around the 1.49 mark.

Data from Eurostat showed that Eurozone retail sales declined unexpectedly in May due to weak turnover in food and automotive fuels.

Retail sales slid 0.3 percent month-on-month in May, following a 0.1 percent fall in April. Sales were forecast to grow 0.3 percent.

In contrast, the loonie advanced to 0.9174 against the aussie, following a decline to 0.9201 at 10:00 pm ET. If the loonie rises further, it may locate resistance around the 0.89 level.

Data from the Australian Bureau of Statistics showed that Australia's retail sales logged a marginal growth in May indicating weak consumer spending in the economy.

Retail sales rose 0.1 percent month-on-month in May, offsetting a 0.1 percent drop in April. Sales were forecast to climb 0.2 percent.

U.S. stock markets are closed in observance of Independence Day.

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