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Forex News: Canadian Dollar Falls Amid Sliding Oil Prices

Canadian Dollar Falls Amid Sliding Oil Prices

02/05/2018 - 08:29:00 (RTTNews)

(RTTNews) - The Canadian dollar dropped against its major opponents in the European session on Monday, as oil prices fell on rising drilling activity in the U.S.

Crude for March delivery fell $0.65 to $64.80 per barrel.

Data from energy services firm Baker Hughes showed that U.S. rig count rose by six to 765 in the week to February 2.

Further undermining the currency was risk aversion, as investors fretted about higher U.S. rates following better-than-expected jobs data.

Investors focused on coalition talks in Germany, where Chancellor Angela Merkel's Conservatives and the Social Democrats failed to meet a self-imposed deadline to forge a new government by Sunday. Differences about health care and labor policy are yet to be resolved between the two sides.

Negotiations are set to resume today.

The currency has been trading in a negative territory in the Asian session, with the exception of the euro.

The loonie fell back to 1.2445 against the greenback, heading to pierce its early near a 2-week low of 1.2450. If the loonie falls further, it may target support around the 1.26 area.

The loonie slipped to a 5-day low of 88.14 against the yen, compared to 88.63 hit late New York Friday. The loonie is seen finding support around the 86.00 level.

Survey by IHS Markit showed that Japan's service sector activity expanded at a slightly faster pace in January.

The seasonally adjusted services purchasing managers' index, or PMI, rose to 51.9 in January from 51.1 in December.

The loonie that closed Friday's deals at 0.9839 against the aussie dropped to a 4-day low of 0.9873. The next possible support for the loonie is seen around the 1.00 level.

The loonie weakened to 1.5491 against the euro, a level unseen since February 2016. The loonie is likely to challenge support around the 1.56 region.

Final data from IHS Markit showed that the euro area economy expanded at the fastest pace pace since mid-2006 in January.

The final composite output index rose more than initially estimated to 58.8 in January from 58.1 in December. The flash score was 58.6.

Looking ahead, U.S. ISM non-manufacturing composite index for January is set for release in the New York session.

At 11:00 am ET, the European Central Bank President Mario Draghi will testify on the ECB's Annual Report for 2016 before the European Parliament in Strasbourg.

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