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Forex News: Canadian Dollar Falls On Weakening Oil Prices

Canadian Dollar Falls On Weakening Oil Prices

06/05/2018 - 08:45:00 (RTTNews)

(RTTNews) - The Canadian dollar lost ground against its most major counterparts in the European session on Tuesday, as oil prices fell following a media report that U.S. government has asked OPEC to raise output by 1 million barrels a day.

Crude for July delivery fell $0.33 to $64.42 per barrel.

Bloomberg reported that the U.S. has quietly requested OPEC to increase output by at least 1 million barrels a day or about 1 percent of global production.

It's unclear precisely how the request was communicated.

This follows remarks by U.S. President Donald Trump in April, when he warned OPEC for "artificially" boosting prices.

Investors await U.S. crude inventory data from the American Petroleum Institute later in the day for more direction.

Commodities are trading lower on concerns about the flare-up in trade tensions between China and U.S. as talks broke down over the weekend.

Investors await next week's FOMC meeting for indications whether the Federal Reserve will accelerate the pace of its rate hikes.

The focus also remains on this week' G7 summit in Canada and the upcoming Trump-Kim summit slated for June 12 in Singapore.

The currency traded mixed against its major rivals in the Asian session. While it rose against the aussie and the yen, it held steady against the greenback and the euro.

The loonie slipped to a 4-day low of 1.3007 against the greenback and an 8-day low of 1.5193 against the euro, from its early highs of 1.2914 and 1.5108, respectively. If the loonie continues its fall, 1.32 and 1.53 are possibly seen as its next support levels against the greenback and the euro, respectively.

Reversing from an early 11-day high of 85.12 against the yen, the loonie weakened to a 4-day low of 84.36. The next possible support for the loonie is seen around the 83.00 region.

Survey from Nikkei showed that Japan's services sector continued to expand in May, albeit at a slower pace, with a services PMI score of 51.0.

That's down from 52.5 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. The loonie declined to 0.9902 against the aussie, its weakest since April 3. This may be compared to a high of 0.9863 hit at 5:00 am ET. Next key support for the loonie is likely seen around the 1.00 level.

Australia's central bank decided to leave its key interest rate unchanged at a record low, as widely expected.

The board of the Reserve Bank of Australia, governed by Philip Lowe, maintained the cash rate at 1.50 percent.

Looking ahead, Markit's U.S. services PMI and ISM non-manufacturing composite PMI for May are scheduled for release in the New York session.

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