FOREX TradingCharts.com

Forex News: Canadian Dollar Declines As Oil Prices Slide Amid

Canadian Dollar Declines As Oil Prices Slide Amid Trade Fears

06/19/2018 - 10:32:00 (RTTNews)

(RTTNews) - The Canadian dollar dropped against its major counterparts in early New York deals on Tuesday amid falling oil prices, as fears over a global trade war intensified after U.S. President Donald Trump threatened to impose additional tariffs on Chinese goods worth $200 billion and Beijing vowed to "immediately" retaliate.

Crude for August delivery fell $1.05 to $64.64 per barrel.

On Monday, Trump said that the U.S. will impose tariffs on an additional $200 billion worth of Chinese goods, should China proceeds with its pledge to hit back against the U.S. tariffs imposed last week.

"Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States," Trump said.

China's Commerce Ministry accused the White House of blackmailing by threatening to impose additional tariffs and warned that it would strike back with comprehensive measures if Washington push forward with the plan.

Oil has also suffered from speculation that OPEC will ramp up production after this week's meeting in Vienna. Russian output is also expected to increase after a prolonged supply quota.

The loonie drifted lower to 82.62 against the yen, its weakest since April 4. The loonie is poised to challenge support around the 80.00 level.

The loonie slipped to a 1-year low of 1.3292 against the greenback and held steady thereafter. The loonie is seen finding support around the 1.35 region.

Data from the Commerce Department showed a much bigger than expected jump in new residential construction in the U.S. in May.

The report said housing starts spiked by 5.0 percent to an annual rate of 1.350 million in May after tumbling by 3.1 percent to a revised rate of 1.286 million in April.

The loonie reversed from an early high of 1.5268 against the euro, easing back to 1.5362. This may be compared to a 1-1/2-month low of 1.5383 set at 11:15 pm ET. On the downside, 1.55 is possibly seen as the next support level for the loonie.

Report from German Ifo Institute showed that Germany's economy is forecast to expand at slower pace this year and next as global economic risks increased significantly.

In the Summer Forecast, the think tank projected the economy to expand 1.8 percent each this year and next. Earlier, the Ifo had forecast 2.6 percent growth for 2018 and 2.1 percent in 2019.

Reversing from an early near a 3-week high of 0.9739 against the aussie, the loonie fell back to 0.9785. If the loonie falls further, 0.99 is possibly seen as its next support level.

Weekly survey compiled by the ANZ bank and Roy Morgan Research showed that Australia's consumer confidence weakened during the week ended June 17.

The consumer confidence index dropped to 122.1 from 123.0 in the preceding week. However, the index remained comfortably above its long term average.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Falling On Trump And Bullard Comments (26 min(s), 35 sec(s) ago)
(RTTNews) - The dollar is losing ground against its major rivals Friday afternoon. On a quiet day ...Full Story»

U.S. Dollar Extends Decline After Fed Bullard Suggests To Put Off Hikes (08 min(s), 35 sec(s) ago)
(RTTNews) - The U.S. dollar extended its early slide against its major counterparts in the New Yor ...Full Story»

Canadian Dollar Climbs After Strong Inflation, Retail Sales Data (56 min(s), 35 sec(s) ago)
(RTTNews) - The Canadian dollar strengthened against its major counterparts in early New York deal ...Full Story»

Loonie Advances After Canada Retail Sales, Consumer Inflation (38 min(s), 35 sec(s) ago)
(RTTNews) - Canada retail sales for May and consumer inflation for June have been released from St ...Full Story»

Loonie Mixed Ahead Of Canada Retail Sales, Consumer Inflation (35 min(s), 35 sec(s) ago)
(RTTNews) - Canada retail sales for May and consumer inflation for June are due from Statistics Ca ...Full Story»

Canadian Dollar Advances Against Most Majors (23 min(s), 35 sec(s) ago)
(RTTNews) - The Canadian dollar climbed against its most major counterparts in the European sessio ...Full Story»

Pound Little Changed After U.K. Public Sector Finance Data (44 min(s), 35 sec(s) ago)
(RTTNews) - Following the release of U.K. public sector finance data for June at 4:30 am ET Friday ...Full Story»

U.S. Dollar Falls On Trump's Comments (08 min(s), 35 sec(s) ago)
(RTTNews) - The U.S. dollar slipped against its major counterparts in the Asian session on Friday, ...Full Story»

Search

FOREX NEWS

Dollar Falling On Trump And Bullard Comments

07/20/2018 - 14:18 PM (RTTNews)
(RTTNews) - The dollar is losing ground against its major rivals Friday afternoon. On a quiet day ...Full Story>>

U.S. Dollar Extends Decline After Fed Bullard Suggests To Put Off Hikes

07/20/2018 - 11:00 AM (RTTNews)
(RTTNews) - The U.S. dollar extended its early slide against its major counterparts in the New Yor ...Full Story>>

Canadian Dollar Climbs After Strong Inflation, Retail Sales Data

07/20/2018 - 09:50 AM (RTTNews)
(RTTNews) - The Canadian dollar strengthened against its major counterparts in early New York deal ...Full Story>>

Loonie Advances After Canada Retail Sales, Consumer Inflation

07/20/2018 - 08:32 AM (RTTNews)
(RTTNews) - Canada retail sales for May and consumer inflation for June have been released from St ...Full Story>>

Loonie Mixed Ahead Of Canada Retail Sales, Consumer Inflation

07/20/2018 - 08:27 AM (RTTNews)
(RTTNews) - Canada retail sales for May and consumer inflation for June are due from Statistics Ca ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.