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Forex News: Canadian Dollar Falls On Weak Oil Prices

Canadian Dollar Falls On Weak Oil Prices

05/08/2017 - 09:35:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the European session on Monday amid falling oil prices, as worries over growing U.S. shale production offset optimism over the possibility of extension of OPEC-led production cuts through the end of the year.

Crude for June delivery fell $0.11 to $46.11 per barrel.

Data from energy services firm Baker Hughes showed that the U.S. oil rig count rose by 6 to 703 in the week ended May 5. The oil rigs have increased for 16th straight week, signaling higher domestic production in an over supplied market.

Oil prices received little support from reports of the likelihood of extension of OPEC-backed deal into the second half of the year. In separate statements, Russia and Saudi Arabia hinted at the possibility of prolonging curbs to the end of 2017.

Investors digested the French election results that came broadly in line with what pollsters have predicted. Investors shifted focus from politics to the economy after the victory for Macron.

The loonie was higher against its major rivals in the Asian session amid risk appetite.

Reversing from an early near 3-week high of 1.0082 against the aussie, the loonie edged down to 1.0141. The next possible support for the loonie is seen around the 1.03 level.

The latest survey figures from National Australia Bank showed Australia's business confidence strengthened notably in April to the highest level in seven years.

The business confidence index rose to 13.0 in April from 6.0 in the previous month. Moreover, this was the highest score since 2010.

The loonie edged down to 1.3719 against the greenback, off its early high of 1.3644. The loonie is seen finding support around the 1.385 mark.

Pulling away from an early near 4-week high of 82.69 versus the yen, the loonie ticked down to 82.08. Continuation of the loonie's downtrend may see it challenging support around the 81.00 area.

Survey data from the Cabinet Office showed that Japan's consumer confidence weakened for the first time in five months in April.

The consumer confidence index dropped to 43.2 in April from 43.9 in March, which was the highest score since September 2013.

The loonie reversed from an early 4-day high of 1.4951 against the euro, weakening to 1.5021. The loonie is likely to target support around the 1.52 zone.

Survey results from think tank Sentix showed that Eurozone investor confidence rose to a near decade high in May.

The investor sentiment index rose to 27.4 in May, the highest since July 2007, from 23.9 in April. The score was forecast to rise to 24.7.

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