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Forex News: Canadian Dollar Falls On Weakening Oil Prices

Canadian Dollar Falls On Weakening Oil Prices

11/07/2017 - 06:16:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its major rivals in early European deals on Tuesday, as oil prices declined amid a higher dollar on the back of rising treasury yields.

Crude for December delivery fell $0.09 to $57.26 per barrel. A stronger US dollar tends to make the dollar-denominated oil costlier for the buyers in foreign currencies. Oil surged overnight as Saudi Crown Prince Mohammed bin Salman's anti-corruption crackdown had led to a new wave of arrests of royals and minister. The American Petroleum Institute will release its crude inventory data later in the day, with analysts predicting a drop of 2.8 million barrel in crude oil inventories. This will be followed by official data from the Energy Information Administration on Wednesday. European stocks are trading mixed, with banks gaining ground on growth optimism after ECB President Mario Draghi said there is little evidence that negative rates are undermining banking profitability. The currency rose against its major rivals in the Asian session, with the exception of the greenback. The loonie edged down to 1.2763 against the greenback, from a high of 1.2703 hit at the commencement of today's trading. The loonie is likely to find support around the 1.31 mark.

The loonie retreated to 89.52 against the yen, from its previous high of 89.73. Continuation of the loonie's downtrend may see it challenging support around the 88.00 region.

Official data showed that Japan labor cash earnings rose 0.9 percent on year in September.

That exceeded expectations for an increase of 0.5 percent and was up from 0.7 percent in August.

The loonie reversed from an early near a 2-week high of 0.9753 against the aussie, falling back to 0.9772. The next possible support for the loonie is seen around the 0.99 area.

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. The bank had reduced the rate by 25-basis points each in August and May last year.

Having advanced to near a 3-week high of 1.4739 against the euro at 3:45 am ET, the loonie reversed direction and dropped to 1.4769. On the downside, 1.49 is possibly seen as the next support level for the loonie.

Data from Eurostat showed that Eurozone retail sales rebounded in September largely reflecting a recovery in food sales.

Retail sales grew 0.7 percent month-on-month in September, reversing a 0.1 percent fall in August. This was the first increase in three months and came in better than the expected expansion of 0.6 percent.

Looking ahead, U.S. consumer credit for September is slated for release in the New York session.

At 12:35 pm ET, Federal Reserve Governor Randal Quarles speaks at The Clearing House Annual Conference, in New York.

BOC Governor Stephen Poloz speaks on inflation at an event jointly hosted by the Chartered Financial Analyst Society of Montreal and the Montreal Council on Foreign Relations at 12:55 pm ET.

At 2:30 pm ET, Fed Chair Janet Yellen delivers acceptance remarks at the presentation of the Paul H. Douglas Award for Ethics in Government, in Washington DC.

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