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Forex News: Canadian Dollar Falls Amid Risk Aversion, Oil Prices

Canadian Dollar Falls Amid Risk Aversion, Oil Prices Decline

02/09/2018 - 05:48:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its most major opponents in early European deals on Friday amid risk aversion, as worries over rising bond yields and budget disputes in Washington kept investors nervous.

The U.S. Senate approved a $300 billion budget deal, after Congress failed to meet a midnight deadline due to objections from Republican Senator Rand Paul.

The budget bill now moves to the House, where it faces an uncertain outcome amid bitter divisions in both parties.

The House may begin voting around 6 am ET today.

Oil prices slipped after Iran announced plans to raise its oil production to 4.7 million barrels per day within the next four years.

Crude for March delivery dropped $0.53 to $60.61 per barrel.

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

The loonie dropped to 0.9824 against the aussie, from more than a 4-week high of 0.9783 hit at 9:00 am ET. The next likely support for the loonie is seen around the 0.995 level.

Data from the Australian Bureau of Statistics showed that Australia home loans fell a seasonally adjusted 2.3 percent on month in December, coming in at 55,161.

That missed forecasts for a decline of 1.0 percent following the 2.1 percent increase in November.

The loonie declined to a 2-day low of 1.5471 against the euro, compared to 1.5432 hit late New York Thursday. On the downside, 1.56 is possibly seen as the next support level for the loonie.

The loonie fell back to 1.2610 against the greenback, from an early high of 1.2585, and held steady thereafter. If the loonie falls further, it may find support around the 1.27 mark.

On the flip side, the loonie rose to 86.77 against the yen from yesterday's closing value of 86.28. The loonie is seen finding resistance around the 88.00 area.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index decreased unexpectedly at the end of the year, though slightly.

The tertiary activity index dropped 0.2 percent month-over-month in December, reversing a 1.1 percent rise in November. Meanwhile, economists had expected a 0.2 percent increase for the month.

Looking ahead, Canada jobs data for January and U.S. final wholesale inventories for December will be out in the New York session.

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