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Forex News: Canadian Dollar Slides On Declining Oil Prices

Canadian Dollar Slides On Declining Oil Prices

09/23/2019 - 08:17:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its most major counterparts in the European session on Monday amid falling oil prices, as trade worries persisted and business activity readings from across the euro zone suggested growth had ground to a halt.

Crude for November delivery fell $0.36 to $57.73 per barrel.

U.S. President Donald Trump said he didn't need a trade deal with China before the 2020 election, fueling pessimism about the prospect of a trade truce between the world's two largest economies.

The euro area private sector moved close to stalling at the end of the third quarter, survey data from IHS Markit showed today.

Germany's private sector contracted the most since late 2012 as the downturn in manufacturing deepened and service sector growth lost momentum.

The loonie declined to near a 3-week low of 80.67 against the yen, from last week's closing value of 81.07. The currency may challenge support around the 78.5 region.

The loonie fell to a 4-day low of 1.3305 against the greenback, down from Friday's closing quote of 1.3262. The next possible support for the loonie is seen around the 1.35 level.

The loonie edged down to 0.9007 against the aussie from Friday's closing value of 0.8970. If the loonie drops further, 0.92 is likely seen as its next support level.

On the flip side, the loonie advanced to a 6-day high of 1.4579 against the euro from last week's closing value of 1.4612. Next key resistance for the loonie is seen around the 1.43 level.

Survey data from IHS Markit showed that Eurozone flash composite output index fell unexpectedly to a 75-month low of 50.4 in September from 51.9 in August.

Economists had forecast the score to rise slightly to 52.0. The reading signaled the weakest growth across manufacturing and services since June 2013.

Looking ahead, Canada wholesale sales for July and Markit's U.S. manufacturing PMI for September are scheduled for release in the New York session.

At 9:50 am ET, Federal Reserve Bank of New York President John Williams is set to speak at the US Treasury Market Conference in New York, via satellite.

At 1:00 pm ET, Federal Reserve Bank of St. Louis President James Bullard will deliver a speech about the US economy and monetary policy at the Effingham Chamber of Commerce Luncheon in Illinois.

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