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Forex News: Canadian Dollar Drops As Oil Prices Pull Back

Canadian Dollar Drops As Oil Prices Pull Back

05/02/2017 - 10:25:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its major counterparts in the New York session on Tuesday, as oil prices retreated ahead of the crude inventory report later in the day.

Crude for June delivery dropped $0.08 to $48.76 per barrel.

The industry group American Petroleum Institute will release crude stockpiles data later in the day, with economists predicting a draw of 2.2 million barrels for the week ended April 28.

The U.S. Energy Information Administration's crude inventory data is due tomorrow. While the US gasoline and distillate inventories are expected to have climbed, domestic crude inventories are seen declining last week.

The Fed kicked-off its two meeting meeting, with a decision due Wednesday. Although the U.S. central bank is forecast to leave interest rates unchanged, investors closely await the accompanying statement for clues about future rate hikes.

The loonie showed mixed performance in the Asian session. While the loonie dropped against the aussie and the euro, it rose against the yen. Against the greenback, it held steady.

The loonie slipped to a 6-month low of 1.4962 against the euro and more than a 1-year low of 1.3714 against the greenback, from its early highs of 1.4896 and 1.3650, respectively. The next possible support for the loonie is seen around 1.51 against the euro and 1.40 against the greenback.

Pulling away from an early 6-day high of 82.25 against the yen, the loonie weakened to 81.72. The loonie is likely to find support around the 79.00 region.

Minutes from the Bank of Japan's March 15-16 meeting showed that the members of the monetary policy board said that the country' economic recovery was continuing as expected.

Inflation remained in a weakened phase for the near term, the minutes added. Downside risks to recovery included U.S. monetary policy and the effects of the United Kingdom's exit from the European Union.

The loonie fell back to 1.0311 against the aussie, off its early high of 1.0269. The currency had earlier set a 1-1/2-month low of 1.0318 in the Asian session. If the loonie extends fall, 1.05 is possibly seen as its next support level.

Australia's central bank maintained its interest rate at a record low, as widely expected.

The board of the Reserve Bank of Australia, governed by Philip Lowe, kept the cash rate unchanged at 1.50 percent.

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