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

Canadian Dollar Falls Amid Risk Aversion, Oil Prices Slide

03/20/2017 - 06:57:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against most major currencies in the European session on Monday, after G20 finance chiefs meeting in Germany failed to renew a pledge to bolster free trade. Also, oil prices continued to slide on supply worries and the dollar weakened across the board ahead of a raft of speeches by Federal Reserve officials due this week, keeping investors nervous.

The crude oil delivery for May is currently down by 0.65 percent or $48.66 per barrel. The U.K.'s FTSE 100 index is currently down 0.19 percent or 14.04 points at 7,410, France's CAC 40 index is down 0.46 percent or 23.10 points at 5,006 and Germany's DAX is down 0.36 percent or 43.07 points at 12,052.

Meanwhile, Emmanuel Macron remains favorite to win France's turbulent presidential election race, a poll showed on Sunday, as France's presidential election moves into high gear today on the eve of a first televised debate that could help sway legions of undecided voters.

In the Asian trading, the Canadian dollar rose against the U.S. dollar, the euro and the yen.

In the European trading, the Canadian dollar fell to nearly a 4-1/2-month low of 1.0319 against the Australian dollar and a 4-day low of 1.4369 against the euro, from early highs of 1.0250 and 1.4312, respectively. The loonie may test support near 1.04 against the aussie and 1.44 against the euro.

Against the U.S. dollar, the loonie dropped to 1.3354 from an early 4-day high of 1.3303. On the downside, 1.36 is seen as the next support level for the loonie.

Meanwhile, the loonie edged down to 84.42 against the yen, from an early high of 84.62 and held steady thereafter.

Looking ahead, the German Bundesbank releases its monthly report at 7:00 am ET.

Canada wholesale sales data for January is due at 8:30 am ET.

At 12:45 pm ET, German Bundesbank President Jens Weidmann is expected to speak in Loerrach.

Subsequently, Federal Reserve Bank of Chicago President Charles Evans is expected to speak about current economic conditions and monetary policy at the National Association for Business Economics luncheon, in New York at 1:10 pm ET.

At 2:20 pm ET, Bank of England Chief Economist Andy Haldane is scheduled to speak at the London School of Economics Public Productivity Lecture.

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