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Forex News: Canadian Dollar Drops On Falling Oil Prices

Canadian Dollar Drops On Falling Oil Prices

03/19/2018 - 04:04:00 (RTTNews)

(RTTNews) - The Canadian dollar fell against its most major counterparts in pre-European deals on Monday, as oil prices dropped on rising drilling activity in the U.S.

Crude for May delivery fell $0.18 to $62.23 per barrel.

Data from energy services firm Baker Hughes showed that U.S. rig count rose by four to 800 in the week to March 16.

Investors became cautious ahead of the U.S. Federal Reserve's highly anticipated monetary policy decision due later in the week.

With the Fed widely expected to raise interest rates by 25 basis points, investors are likely to keep an eye on the accompanying statement for clues about whether the central bank will keep its current forecast for three rate hikes this year. New Fed Chairman Jerome Powell's first press conference is also likely to attract considerable attention.

Meanwhile, Saudi Crown Prince Mohammed bin Salman meets with President Donald Trump at the White House on Tuesday, with talks likely to focus on strengthening bilateral ties.

The two-day G20 summit in Buenos Aires starts today, with world leaders expected to discuss new regulations for cryptocurrencies.

The loonie weakened to a 16-month low of 80.54 against the yen and held steady therafter. If the loonie falls further, it may target support around the 78.00 level.

Preliminary figures from the Ministry of Finance showed that Japan's exports and imports grew more-than-expected in February.

The value of exports climbed 1.8 percent year-over-year in February, faster than the 1.4 percent rise economists had forecast.

The loonie dropped to 1.3122 against the greenback, a level unseen since June 2017. The loonie is seen finding support around the 1.33 level.

The loonie fell back to 1.6090 against the euro, from an early high of 1.6068. The next possible support for the loonie is seen around the 1.63 level.

On the flip side, the loonie climbed to a weekly high of 1.0084 against the aussie, compared to last week's closing value of 1.0094. The loonie is likely to challenge resistance around the 0.98 level.

Looking ahead, Eurozone trade data and construction output for January are set for release in the European session.

At 9:40 am ET, Atlanta Fed President Raphael Bostic speaks about the future of community development at the National Interagency Community Reinvestment Conference in Miami.

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