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Forex News: Canadian Dollar Falls On Weakening Oil Prices

Canadian Dollar Falls On Weakening Oil Prices

01/17/2019 - 07:20:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major opponents in the European session on Thursday, as data showing a record crude production raised worries over a global supply glut.

Crude for March delivery fell $0.81 to $51.80 per barrel.

The Energy Information Administration reported on Wednesday that American crude oil production reached a record 11.9 million bpd in the week ending Jan. 11, just as worries about weakening demand emerge. That was up from 11.7 million bpd last week.

The EIA also said gasoline stockpiles climbed 7.5 million barrels last week, stoking fears of weak demand in the U.S. Distillate stockpiles rose by 3 million barrels.

Risk aversion triggered by trade worries resurfaced and French bank Societe Generale warned that its fourth quarter was affected by tough market conditions.

U.S.-China trade tensions resurfaced after media reports suggested the U.S. authorities are in advanced stages of probing criminal charges against Huawei for alleged theft of trade.

The currency has been trading in a negative territory against its most major rivals in the Asian session, barring the aussie.

The loonie dropped to 81.70 against the yen, following an advance to 82.33 at 5:45 pm ET. The loonie is likely to challenge support around the 80.5 area.

The loonie weakened to 1.3309 against the greenback, its lowest level since January 8. If the loonie falls further, 1.35 is possibly seen as its next support level.

The loonie declined to a 2-day low of 1.5152 against the euro, reversing from a high of 1.5094 touched at 5:00 pm ET. On the downside, 1.53 is likely seen as the next support for the loonie.

Data from the Eurostat showed that Eurozone inflation slowed as initially estimated in December.

Consumer prices rose 1.6 percent year-on-year, same as in November. The reading matched flash estimate.

Pulling away from a weekly high of 0.9498 against the aussie, the loonie depreciated to 0.9521. The loonie is seen finding support around the 0.97 level.

Data from the Australian Bureau of Statistics showed that Australia home loans fell a seasonally adjusted 0.9 percent on month in November - coming in at 51,967.

That beat forecasts for a decline of 1.5 percent following the 2.2 percent jump in October.

Looking ahead, U.S. weekly jobless claims for the week ended January 12, housing starts and building permits for December are scheduled for release in the New York session.

At 10:45 am ET, Federal Reserve Governor Randal Quarles will deliver a speech at the Insurance Information Institute's annual forum in New York.

For comments and feedback: contact editorial@rttnews.com

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