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Forex News: Canadian Dollar Declines On Falling Oil Prices

Canadian Dollar Declines On Falling Oil Prices

08/12/2019 - 08:50:00 (RTTNews)

(RTTNews) - The Canadian dollar drifted lower against its most major counterparts in the European session on Monday, as oil prices slipped amid concerns that a prolonged U.S.-China trade war could weigh on global growth and dent already anemic demand for oil.

Crude for September delivery fell $0.36 to $54.13 per barrel.

Goldman Sachs cut its U.S. fourth-quarter growth forecast by 20 basis points to 1.8 percent over the weekend and said a U.S.-China trade deal was unlikely before the 2020 U.S. presidential election.

A U.S.-China trade deal now looks far off after U.S. President Donald Trump downplayed the scheduled September meeting with China and said the U.S. is not ready to do business with Huawei.

Global oil demand growth has been very sluggish in the first half of 2019 and the situation is becoming even more uncertain amid mounting signs of an economic slowdown and a ratcheting up of the trade row, the International Energy Agency said on Friday.

The Paris-based agency cut its 2019 and 2020 global oil demand growth forecast to 1.1 million and 1.3 million barrels per day (bpd), respectively.

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

The loonie fell to a 5-day low of 79.28 against the yen, from a high of 80.04 hit at 6:00 pm ET. The pair had ended last week's trading at 79.92. The currency is poised to face support around the 77.5 level.

The loonie edged down to 1.3251 against the greenback and 1.4830 against the euro, from its early high of 1.3197 and a 6-day high of 1.4772, respectively. The next possible support for the loonie is seen around 1.34 against the greenback and 1.50 against the euro.

On the flip side, the loonie appreciated to a 5-day high of 0.8925 against the aussie from Friday's closing value of 0.8965. If the loonie rises further, 0.88 is likely seen as its next resistance level.

Looking ahead, U.S. budget statement for July is due in the New York session.

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