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Forex News: Canadian Dollar Drops As Oil Prices Fall On

Canadian Dollar Drops As Oil Prices Fall On Oversupply Worries

08/01/2018 - 08:00:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the European session on Wednesday, as oil prices fell following an industry data showing a build in U.S. crude inventories.

Crude for September delivery fell $0.75 to $68.01 per barrel.

Data from the American Petroleum Institute showed that crude oil inventories increased to 5.59 million barrels in the week ended July 27. Economists were looking for a fall of 3 million barrel in stocks.

The U.S. Energy Information Administration's official inventory data is due at 10:30 am ET.

Sentiment faded as Chinese manufacturing data disappointed and media reports suggested the Trump administration is considering imposing additional tariffs on Chinese imports.

Concerns over a possible U.S.-China trade war renewed following the news of U.S. reportedly mulling a 25 percent tariff hike on $200 billion in Chinese imports.

The Federal Reserve's policy decision also remained in focus, though no change to the fed funds rate is expected.

The loonie held steady against its major counterparts in the Asian session, with the exception of the aussie.

The loonie eased to 85.92 against the yen, from a 2-1/2-month high of 86.13 hit at 3:00 am ET. The loonie is seen finding support around the 84.00 mark.

Survey from Nikkei showed that Japan manufacturing sector continued to expand in July, albeit at a slower pace, with a PMI score of 52.3.

That's down from 53.0 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

The loonie edged down to 1.3033 against the greenback, from Tuesday's closing value of 1.3006. If the loonie falls further, 1.32 is likely seen as its next support level.

The loonie that ended Tuesday's trading at 1.5204 against the euro weakened to 1.5226. On the downside, 1.54 is possibly seen as the next support level for the loonie.

Final data from IHS Markit showed that Eurozone manufacturing activity remained subdued at the start of the third quarter.

The factory Purchasing Managers' Index rose to 55.1 in July, in line with flash estimate, from 54.9 in June.

Reversing from an early 2-day high of 0.9638 against the aussie, the loonie dropped back to 0.9661. The loonie is poised to locate support around the 0.98 level.

The latest survey from the Australian Industry Group showed that Australia's manufacturing sector continued to expand in July, albeit at a much slower pace, with a Performance of Manufacturing Index score of 52.0.

That's down sharply from 57.4 in June, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Looking ahead, U.S. ADP private sector payrolls, Markit's manufacturing PMI and ISM manufacturing index, all for July, as well as construction spending for June are scheduled for release in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rates. Economists expect the federal funds rate to be kept in a range of 1.75 percent to 2 percent.

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