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Forex News: Canadian Dollar Weakens On Falling Oil Prices

Canadian Dollar Weakens On Falling Oil Prices

05/01/2017 - 07:01:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its most major counterparts in the European session on Monday, as oil prices dropped on rising oil rig count in the U.S., signaling robust production from shale despite attempts by the OPEC to rein in the global supply glut.

Crude for June delivery fell $0.18 to $49.15 per barrel.

Data from oil services group Baker Hughes showed that the oil rig count rose by nine to 697 last week. The total active US rig count, including oil and natural-gas rigs, increased by 13 to 870 for the week.

Further dampening the oil prices were the news of a rebound in Libya's crude production to above 700,000 barrels a day. Crude production from Libya's Sharara field amounts to 216,400 barrels a day, whereas the El Feel pumps 26,500 barrels of oil per day.

Official data showing a slowdown in Chinese manufacturing activity in April also undermined the prices. The National Bureau of Statistics reported that the Chinese manufacturing PMI dropped to a 6-month low of 51.2 from 51.8 in March.

The currency has been trading in a negative territory in the Asian session, with the exception of the yen.

The loonie fell to 1.3686 against the greenback and held steady thereafter. The next possible support for the loonie is seen around the 1.38 region.

The loonie slipped to 1.4905 against the euro, from last week's closing value of 1.4875. Continuation of the loonie's downtrend may see it challenging support around the 1.50 region.

The loonie weakened to 1.0266 against the aussie, its lowest since April 25. If the loonie extends decline, 1.04 is likely seen as its next support level.

The latest survey from the Australian Industry Group showed that Australia's manufacturing sector continued to expand in April, and at a faster pace, with a Performance of Manufacturing Index score of 59.2.

That's up from 57.5 in March, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

On the flip side, the loonie advanced to a session's high of 81.87 against the yen, compared to yesterday's closing value of 81.63. On the upside, the loonie may target 83.00 as the next resistance level.

The latest survey from Nikkei showed that Japan's manufacturing sector continued to expand in April, and at a faster rate, with a PMI score of 52.7.

That's up from 52.4 in March, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Looking ahead, at 7:45 am ET, the US Treasury Secretary Steven Mnuchin speaks at the Milken Conference in Los Angeles.

In the New York session, U.S. personal income and spending for March, ISM manufacturing index for April and construction spending for March are set for release.

For comments and feedback: contact editorial@rttnews.com

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