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Forex News: Canadian Dollar Drops On Falling Oil Prices

Canadian Dollar Drops On Falling Oil Prices

09/13/2019 - 03:34:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the Asian session on Friday, as oil prices dropped on concerns about global growth and slowing demand.

Crude for October delivery fell $0.12 to $54.97 per barrel.

OPEC meeting on Thursday failed to consider deeper supply cuts, but agreed to lower Nigerian and Iraqi output to their agreed quotas.

Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, said that OPEC and allies would maintain the current production agreement and agreed to defer any changes to the accord until they meet in December.

In its monthly oil market report released on Thursday, the International Energy Agency said higher oil supply from U.S. would make balancing the market "daunting" in 2020.

The loonie edged down to 81.59 against the yen from Thursday's closing value of 81.80. The loonie is likely to challenge support around the 78.5 region, if it drops again.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production expanded as estimated in July.

Industrial production rose 1.3 percent month-on-month in July, in line with the preliminary estimate.

The loonie dropped to a 9-day low of 1.4692 against the euro and weekly low of 1.3229 against the greenback from yesterday's closing values of 1.4614 and 1.3210, respectively. The next possible support for the loonie is seen around 1.48 against the euro and 1.35 against the greenback.

The loonie slipped to 0.9092 against the aussie, its lowest since July 30. The loonie is seen finding support around the 0.92 mark.

Looking ahead, Eurozone trade data for July is due in the European session.

In the New York session, U.S. retail sales and export and import prices for August, business inventories for July and University of Michigan's consumer sentiment index for September are slated for release.

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