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Forex News: Canadian Dollar Falls As Oil Prices Drop On

Canadian Dollar Falls As Oil Prices Drop On Inventory Data

10/03/2019 - 09:04:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the European session on Thursday on falling oil prices, as bearish inventory data added to investor worries about slowing fuel demand.

Crude for November delivery fell $0.16 to $52.48 per barrel.

Data from the Energy Information Administration showed Wednesday that U.S. oil inventories increased by 3.1 million barrels in the week ended September 27, nearly twice the expected jump.

The EIA report also said gasoline inventories for the week fell by about 230,000 barrels, much less than the expected drop. Meanwhile, distillate stockpiles dropped by about 2.4 million barrels, nearly 25% more than what was forecast.

Data from payroll processor ADP showed that U.S. private sector employment rose slightly less than expected in September. Weak data raised concerns about an economic slowdown, hurting energy demand.

Official jobs data is due on Friday.

U.S. employment is expected to increase by 140,000 jobs in September after an increase of 130,000 jobs in August. The unemployment rate is seen holding at 3.7 percent.

Meanwhile, trade worries persist after the U.S. proposed to impose tariffs on $7.5 billion of goods from the European Union as part of a long-running complaint over subsidies given to the European plane maker Airbus.

The currency has been trading lower against its major counterparts in the Asian session.

The loonie declined to 80.15 against the yen, its lowest since September 4. On the downside, 79.00 is possibly seen as the next support level for the loonie.

The latest survey from Jibun Bank showed that Japan services sector continued to expand in September, albeit at a slower rate, with a PMI score of 52.8.

That's down from the 22-month high of 53.3 in August, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

The loonie slipped to a new 4-week low of 1.3338 versus the greenback from Wednesday's closing value of 1.3323. If the loonie slides further, it may find support around the 1.35 level.

The Canadian currency that ended Wednesday's trading at 1.4603 against the euro depreciated to a 10-day low of 1.4620. The currency may locate support around the 1.48 level.

Final data from IHS Markit showed that the euro area private sector expanded at the slowest pace in more than six years in September.

The final composite output index fell to 50.1 in September from 51.9 in August. The reading was below the flash estimate of 50.4.

The loonie fell to a 6-day low of 0.8971 against the aussie, compared to 0.8936 hit late New York Wednesday. The next possible support for the loonie lies around the 0.94 level.

Figures from the Australian Bureau of Statistics showed that Australia's trade surplus decreased in August as exports were down on weak commodity prices.

Exports decreased by seasonally adjusted 3 percent to A$40.98 billion in August. At the same time, imports dropped slightly to A$35.05 billion.

Looking ahead, U.S. durable goods orders for August and ISM non-manufacturing composite index for September are scheduled for release in the New York session.

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