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Forex News: Canadian Dollar Drops Amid Risk Aversion

Canadian Dollar Drops Amid Risk Aversion

08/21/2017 - 05:25:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its most major opponents in early European deals on Monday, as the ouster of White House chief strategist Steve Bannon by U.S. President Donald Trump and the start of joint military drills by the U.S. and South Korea sapped investor appetite for riskier assets.

Bannon was ousted on Friday, becoming the latest high-ranking official to leave the Trump administration. As per media reports, his resignation was submitted earlier in August, but had to be pushed back following the violence in a white nationalist rally in Charlottesville, Virginia.

The turmoil in the White House cast worries about Trump's ability to fulfill his economic agenda.

U.S. and South Korean forces began joint military drills on the Korean peninsula, ending on August 31. The move comes on the back of geopolitical tensions earlier this month between Trump and Pyongyang.

Oil prices slipped as a meeting of the OPEC /non-OPEC Joint Technical Committee began in Vienna, where oil producer nations are expected to ensure compliance with output cuts.

Crude for October delivery fell $0.11 to $48.55 per barrel.

The loonie has been trading in a negative territory in the Asian session.

The loonie retreated to 1.2607 against the greenback and 1.4803 against the euro, from its early highs of 1.2561 and 1.4765,respectively. If the loonie extends decline, 1.28 and 1.49 are likely seen as its next support levels against the greenback and the euro, respectively.

The loonie that closed Friday's trading at 86.76 against the yen weakened to 86.41. The next possible support for the loonie is seen around the 84.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's all industry activity recovered in June. The all industry activity index rose 0.4 percent month-on-month in June, reversing a 0.8 percent fall in May. The monthly growth came in line with expectations.

On a yearly basis, all industry activity growth eased to 2.2 percent in June from 3.2 percent in May.

The loonie held steady against the aussie, after having fallen to 0.9985 early in the Asian session. The pair closed last week's deals at 0.9971.

Looking ahead, Canada wholesale sales data for June is due to be released at 8:30 am ET.

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