FOREX TradingCharts.com

Forex News: Canadian Dollar Slides As Oil Prices Fall

Canadian Dollar Slides As Oil Prices Fall

04/11/2019 - 08:20:00 (RTTNews)

(RTTNews) - The Canadian dollar drifted lower against its key counterparts in the European session on Thursday, as oil prices declined following a build in U.S. oil inventories last week.

Data from the Energy Information Administration on Wednesday showed crude supplies in the U.S. increased by 7 million barrels last week, significantly larger than the expected rise.

The report said U.S. crude stockpiles rose to their highest level since November 2017 amid record production.

On Tuesday, the American Petroleum Institute released a report showing a 4.1 million barrels jump in crude stockpiles last week.

In its monthly report, the International Energy Agency said that there are still "mixed signals" over the outlook for oil consumption and stock levels.

The IEA kept its estimates for global oil demand unchanged in 2018 and 2019, but warned "risks are currently to the downside".

The currency has been trading in a negative territory against its major counterparts in the Asian session.

The loonie declined to 83.16 against the yen, its weakest since April 1. This follows a high of 83.39 hit at 8:30 pm ET. The loonie is poised find support around the 82.00 level.

The Canadian currency fell to a 3-day low of 1.3361 against the greenback from yesterday's closing value of 1.3317. The loonie is seen finding support around the 1.35 level. The loonie that closed yesterday's trading at 0.9549 against the aussie slipped to a 2-1/2-month low of 0.9565. The next possible support for the loonie is seen around the 0.965 level.

On the flip side, the loonie trimmed its early losses against the euro with the pair trading at 1.5056. The currency had set near a 2-week low of 1.5068 against the euro at 3:45 am ET. If the loonie rises further, 1.48 is possibly seen as its next resistance level.

Preliminary data from Eurostat showed that Eurozone house price inflation slowed in the fourth quarter of 2018 after remaining unchanged in the previous three months.

House prices rose 4.2 percent year-on-year following a 4.3 percent increase in each of the previous two quarters. In the first quarter, prices grew 4.5 percent.

Looking ahead, Canada house price index for February, U.S. weekly jobless claims for the week ended April 6 and producer prices for March are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2019 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Pound Falls On U.K. Political Tensions (11 hr(s), 28 min(s), 25 sec(s) ago)
(RTTNews) - The pound came under pressure against its major counterparts in the New York session o ...Full Story»

Dollar Little Changed Following U.S. Existing Home Sales (12 hr(s), 37 min(s), 25 sec(s) ago)
(RTTNews) - After the release of the U.S. existing home sales for March at 10:00 am ET Monday, the ...Full Story»

Dollar Mixed Ahead Of U.S. Existing Home Sales (12 hr(s), 43 min(s), 25 sec(s) ago)
(RTTNews) - The U.S. existing home sales for March are due at 10:00 am ET Monday. Ahead of the dat ...Full Story»

Euro Advances Against Majors (16 hr(s), 52 min(s), 24 sec(s) ago)
(RTTNews) - The euro strengthened against its major counterparts in early European deals on Monday ...Full Story»

Canadian Dollar Higher As U.S. Set To Tighten Iran Sanctions (19 hr(s), 13 min(s), 25 sec(s) ago)
(RTTNews) - The Canadian dollar climbed against its major counterparts in the Asian session on Mon ...Full Story»

Strong Retail Sales, Falling Jobless Claims Buoys U.S. Dollar (12 hr(s), 37 min(s), 25 sec(s) ago)
(RTTNews) - The U.S. dollar strengthened against its major counterparts in the European session on ...Full Story»

Loonie Rises After Canada Retail Sales (14 hr(s), 04 min(s), 24 sec(s) ago)
(RTTNews) - Following the release of Canada retail sales for February at 8:30 am ET Thursday, the ...Full Story»

Dollar Advances Following U.S. Retail Sales (14 hr(s), 04 min(s), 24 sec(s) ago)
(RTTNews) - After the release of U.S. retail sales for March and weekly jobless claims for the wee ...Full Story»

Search

FOREX NEWS

Pound Falls On U.K. Political Tensions

04/22/2019 - 11:14 AM (RTTNews)
(RTTNews) - The pound came under pressure against its major counterparts in the New York session o ...Full Story>>

Dollar Little Changed Following U.S. Existing Home Sales

04/22/2019 - 10:04 AM (RTTNews)
(RTTNews) - After the release of the U.S. existing home sales for March at 10:00 am ET Monday, the ...Full Story>>

Dollar Mixed Ahead Of U.S. Existing Home Sales

04/22/2019 - 09:57 AM (RTTNews)
(RTTNews) - The U.S. existing home sales for March are due at 10:00 am ET Monday. Ahead of the dat ...Full Story>>

Euro Advances Against Majors

04/22/2019 - 05:49 AM (RTTNews)
(RTTNews) - The euro strengthened against its major counterparts in early European deals on Monday ...Full Story>>

Canadian Dollar Higher As U.S. Set To Tighten Iran Sanctions

04/22/2019 - 03:29 AM (RTTNews)
(RTTNews) - The Canadian dollar climbed against its major counterparts in the Asian session on Mon ...Full Story>>
Copyright © 2019. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.