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Forex News: Canadian Dollar Falls As Oil Prices Drop On

Canadian Dollar Falls As Oil Prices Drop On U.S.-China Trade Woes

05/06/2019 - 09:32:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its most major counterparts in the European session on Monday, as oil prices dropped on concerns about global demand after U.S.-China trade tensions escalated.

Crude for June delivery fell $0.64 to $61.28 per barrel.

Sentiment dampened after the US President Donald Trump poured cold water on renewed optimism over a possible trade deal, vowing to hike tariffs on China.

Trump tweeted on Sunday that talks toward a trade deal with China were proceeding "too slowly", and that he would raise tariffs on USD 200 billion of goods to 25 percent on Friday from 10 percent.

Trump also added that he would target a further USD 325 billion of Chinese goods with 25 percent tariffs "shortly.

The Wall Street Journal reported Sunday that China is considering cancelling trade talks that are to resume in Washington this week.

Chinese delegation led by Vice Premier Liu He was scheduled to return to Washington on Wednesday for the final round of talks.

The loonie has been trading lower against its major counterparts in the Asian session, barring the yen.

The loonie fell back to 1.3488 against the greenback, not far from a 10-day low of 1.3493 hit at 2:15 am ET. The loonie is poised to find support around the 1.37 level.

The Canadian currency pulled back to 1.5097 against the euro, heading to pierce a 5-day low of 1.5101 touched at 2:30 am ET. The next possible support for the loonie is seen around the 1.52 level.

Data from IHS Markit's purchasing managers' survey showed that Eurozone private sector grew to the slowest pace in three months in April, due to the weaker performance in both manufacturing and services sectors.

The final Eurozone Composite Purchasing Managers' Index, or PMI, fell to a three-month low of 51.5 in April from 51.6 in March. The flash reading was 51.3.

The loonie declined to 0.9431 against the aussie, from an early 2-month high of 0.9375, and held steady thereafter. The pair finished Friday's trading at 0.9420.

On the flip side, the loonie recovered to 82.33 against the yen, from an early 1-1/2-month low of 81.79. If the loonie continues its rise, 83.5 is possibly seen as its next resistance level.

In today's events, Federal Reserve Bank of New York President John Williams will speak at the Annual Bronx Bankers Breakfast in New York at 10:00 am ET.

For comments and feedback: contact editorial@rttnews.com

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