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Forex News: Canadian Dollar Slides As Oil Prices Weaken

Canadian Dollar Slides As Oil Prices Weaken

11/29/2017 - 06:58:00 (RTTNews)

(RTTNews) - The Canadian dollar dropped against its major rivals in the European session on Wednesday, as oil prices fell following an industry data showing an increase in crude inventories and on doubts over the extension of output curbs by OPEC and Russia at the meeting in Vienna.

Crude for January delivery fell $0.50 to $57.49 per barrel.

Data from the American Petroleum Institute showed Tuesday that US crude inventories rose by 1.8 million barrels to 457.3 million barrels in the week ended November 24. Analysts had expected the inventories to fall by 2.3 million barrels.

The Energy Information Administration will publish its official data later in the day.

With the OPEC and non-OPEC members set to meet in Vienna on Thursday, investors turned cautious over the possibility of extension of output cut deal that had been priced in.

Sources said that the main hurdle for reaching an agreement is due to differences between Russia and Saudi Arabia. Ongoing oil production reduction of 1.8 million barrels per day will expire in March 2018.

The currency traded mixed in the Asian session. While it fell against the greenback and the euro, it rose against the aussie and the yen.

The loonie slid to 1.2848 against the greenback, its lowest since November 2. The next possible support for the loonie is seen around the 1.30 region.

Reversing from an early high of 87.13 against the yen, the loonie edged down to 86.79. If the loonie extends decline, 86.00 is likely seen as its next support level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's retail sales were roughly flat on a seasonally adjusted basis in October.

That missed forecasts for an increase of 0.2 percent and was down from 0.8 percent in September.

The loonie fell to a 6-month low of 1.5242 against the euro and held steady thereafter. Continuation of the loonie's downtrend may see it challenging support around the 1.54 level.

Survey data from the European Commission showed that Eurozone economic confidence continued to improve in November.

The economic confidence index improved to 114.6 from 114.1 in the previous month. The score came in line with expectations.

The loonie pared gains to 0.9740 against the aussie, from a high of 0.9721 hit at 10:45 pm ET. The loonie is seen finding support around the 1.00 mark.

Looking ahead, German preliminary CPI for November is due shortly.

In the New York session, U.S. pending home sales for October, second estimate of GDP data for the third quarter and Fed Beige book report are due.

At 9:00 am ET, the Bank of England governor Mark Carney speaks about the Fair and Effective Markets Review at the Fixed Income Currencies and Commodities Markets Standards Board, in London

The BoE Deputy Governor David Ramsden participates in a panel discussion at the Fixed Income Currencies and Commodities Markets Standards Board in London at 9:45 am ET.

The Fed Chair Janet Yellen testifies on the US economic outlook before Joint Economic Committee of Congress in Washington DC at 10:00 am ET.

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