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Forex News: Canadian Dollar Drops On Falling Oil Prices

Canadian Dollar Drops On Falling Oil Prices

06/15/2018 - 08:26:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its major counterparts in the European session on Friday, as oil prices declined on U.S-China trade war fears, as U.S. President Donald Trump is set to unveil tariffs on $50 billion in China goods later in the day.

Crude for July delivery fell $0.23 to $66.66 per barrel.

The Trump administration will release details of a revised list of 800 product categories today.

Beijing vowed that it will retaliate "appropriately" to any measures imposed by the US.

Investors await a key meeting of the Organization of the Petroleum Exporting Countries in Vienna on June 22, when the cartel is expected to make a decision on increasing output.

Following a meeting with the Saudi Arabia energy minister on Thursday, Russian Energy Minister Alexander Novak remarked that both nations support a gradual increase in output, although specifics will be discussed next week.

The currency dropped against its major rivals in the Asian session, with the exception of the aussie.

The loonie declined to a weekly low of 84.01 against the yen, from a high of 84.47 seen at 5:45 pm ET. The next likely support for the loonie is seen around the 82.00 level.

The Bank of Japan kept its monetary stimulus unchanged as widely expected.

Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The loonie weakened to 1.3160 against the greenback, its weakest since June 2017. The loonie is seen finding support around the 1.34 region.

The loonie slipped to 1.5257 against the euro and 0.9822 against the aussie, reversing from its early high of 1.5151 and a 2-week high of 0.9782, respectively. The next possible support for the loonie is seen around 1.54 against the euro and 1.00 against the aussie.

Looking ahead, Canada existing home sales for May and manufacturing sales for April, New York Fed's empire manufacturing survey for June, U.S. industrial production for May and University of Michigan's preliminary consumer sentiment index for June are scheduled for release in the New York session.

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