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Forex News: Canadian Dollar Slides On Weak Oil Prices

Canadian Dollar Slides On Weak Oil Prices

09/17/2019 - 08:11:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its major counterparts in the European session on Tuesday, as oil prices fell declined after surging in the aftermath of drone attacks on two major oil facilities in Saudi Arabia.

Crude for November delivery fell $0.12 to $61.55 per barrel.

Oil soared on Monday after the devastating attacks that knocked out 5 percent of global crude supply.

The rally halted today after the United States hinted at the possible release of crude reserves.

In addition, investors await updates regarding the resumption of operations in Saudi Arabia.

The Fed begins its two-day meeting today, with economists widely expecting an additional 25 basis point cut in the federal funds rate.

Investors eagerly await the Fed statement for its monetary policy path for the rest of this year.

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

The loonie retreated to 81.55 against the yen, from a 4-day high of 81.76 hit at 9:30 pm ET. The loonie is likely to challenge support around the 80.5 region, if it drops again.

The loonie reversed from an early high of 1.3235 against the greenback, dropping to 1.3260. The next possible support for the loonie is seen around the 1.35 level.

After rising to a 5-day high of 1.4554 versus the euro at 5:15 pm ET, the loonie edged lower to 1.4618. The loonie is seen finding support around the 1.49 mark.

Survey data from the think tank ZEW showed that Germany's economic sentiment improved strongly and at a faster-than-expected pace in September, after a slump in August.

The ZEW investor confidence index climbed to -22.5 from -44.1 in August. Economists had expected a -38 reading.

The loonie eased off to 0.9071 against the aussie, from a 5-day high of 0.9053 seen at 3:00 am ET. Next key support for the loonie is seen around the 0.93 level.

Data from the Australian Bureau of Statistics showed that Australia's house prices fell 0.7 percent on quarter in the second quarter of 2019.

That exceeded expectations for a decline of 1.1 percent following the 3.0 percent drop in the three months prior.

Looking ahead, Canada manufacturing sales for July, U.S. industrial production for August and NAHB housing market index for September are scheduled for release in the New York session.

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