FOREX TradingCharts.com

Forex News: Canadian Dollar Falls As Oil Prices Weaken

Canadian Dollar Falls As Oil Prices Weaken

01/19/2018 - 07:11:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its key counterparts in the European session on Friday, as oil prices dropped after the International Energy Agency warned that the steep oil output growth in the U.S. could offset a plunge in Venezuela's production.

Crude for March delivery fell $0.32 to $63.57 per barrel.

In its monthly report, the IEA said that explosive growth in the U.S. and substantial gains in Canada and Brazil could far outweigh potentially steep declines in Venezuela and Mexico.

The output from non-OPEC countries could rise by 1.7 million barrels of oil per day this year, an increase of 0.1 mb/d estimated in last month's report, it said.

The IEA said it expects US crude production to rise to 10 mb/d in 2018, overtaking Saudi Arabia and rivalling Russia.

In the U.S., the House of Representatives passed a stop-gap funding measure late Thursday to avert a government shutdown.

But prospects appear gloomy in the Senate, where Democrats say they have the vote to block the spending bill in a bid to negotiate on budget and immigration deals.

The currency has been trading in a negative territory in the Asian session.

Reversing from an early high of 89.55 against the yen, the loonie weakened and was trading at 89.07. The next possible support for the loonie-yen pair is seen around the 88.5 area.

The loonie dropped to 1.5259 against the euro early in the session and held steady since then. The pair closed Thursday's trading at 1.5194.

Data from the European Central Bank showed that the euro area current account surplus increased in November after falling for two straight months.

The current account surplus rose to EUR 32.5 billion from EUR 30.3 billion in October.

Pulling away from an early high of 0.9923 against the aussie, the loonie edged down to 0.9972. The loonie is seen finding support around the 1.01 level.

The loonie fell back to 1.2429 against the greenback, off its early 2-day high of 1.2400. Continuation of the loonie's downtrend may see it challenging support around the 1.25 area.

Looking ahead, Canada manufacturing sales for November and University of Michigan's preliminary consumer sentiment index for January are set for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Canadian Dollar Advances Against Most Majors (04 hr(s), 14 min(s), 34 sec(s) ago)
(RTTNews) - Reversing direction, the Canadian dollar climbed against most major counterparts in th ...Full Story»

Pound Climbs Amid Risk Appetite (05 hr(s), 53 min(s), 34 sec(s) ago)
(RTTNews) - The pound firmed against its major counterparts in the early European session on Monda ...Full Story»

Franc Little Changed After Swiss CPI (07 hr(s), 44 min(s), 33 sec(s) ago)
(RTTNews) - At 3:15 am ET Monday, the Federal Statistical Office has released Swiss consumer price ...Full Story»

Franc Mixed Ahead Of Swiss CPI (07 hr(s), 53 min(s), 33 sec(s) ago)
(RTTNews) - At 3:15 am ET Monday, the Federal Statistical Office releases Swiss consumer price dat ...Full Story»

Dollar Inching Higher As Weekend Draws Near (45 min(s), 26 sec(s) ago)
(RTTNews) - The dollar has recovered from its early weakness against its major European rivals Fri ...Full Story»

Loonie Extends Decline After Disappointing Canadian Jobs Data (01 hr(s), 05 min(s), 33 sec(s) ago)
(RTTNews) - The Canadian dollar continued to be lower against its major counterparts in European t ...Full Story»

Loonie Drops Further After Canada Jobs Data (02 hr(s), 32 min(s), 34 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Canada jobs data for January has been released. After the data, ...Full Story»

Loonie Falls Ahead Of Canada Jobs Data (02 hr(s), 38 min(s), 33 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Canada jobs data for January is due. Ahead of the data, the loon ...Full Story»

Search

FOREX NEWS

Canadian Dollar Advances Against Most Majors

02/12/2018 - 06:53 AM (RTTNews)
(RTTNews) - Reversing direction, the Canadian dollar climbed against most major counterparts in th ...Full Story>>

Pound Climbs Amid Risk Appetite

02/12/2018 - 05:12 AM (RTTNews)
(RTTNews) - The pound firmed against its major counterparts in the early European session on Monda ...Full Story>>

Franc Little Changed After Swiss CPI

02/12/2018 - 03:21 AM (RTTNews)
(RTTNews) - At 3:15 am ET Monday, the Federal Statistical Office has released Swiss consumer price ...Full Story>>

Franc Mixed Ahead Of Swiss CPI

02/12/2018 - 03:13 AM (RTTNews)
(RTTNews) - At 3:15 am ET Monday, the Federal Statistical Office releases Swiss consumer price dat ...Full Story>>

Dollar Inching Higher As Weekend Draws Near

02/09/2018 - 14:53 PM (RTTNews)
(RTTNews) - The dollar has recovered from its early weakness against its major European rivals Fri ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.