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Forex News: Canadian Dollar Weakens On Falling Oil Prices

Canadian Dollar Weakens On Falling Oil Prices

05/25/2018 - 07:44:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its major counterparts in the European session on Friday, as oil prices fell following media reports that Saudi Arabia and Russia are planning to raise oil output, which would be finalized as early as June.

Crude for July delivery fell $1.25 to $69.46 per barrel.

OPEC and non-OPEC members are discussing to raise output by about 1 million barrels per day, reports said.

Saudi Energy Minister Khalid al-Falih said that "all options are on the table" on relaxing the terms of the global oil supply deal.

The talks are targeted to ease the production restrictions, after oil hit $80 a barrel.

The loonie showed mixed trading against its major rivals in the Asian session. While it held steady against the euro and the aussie, it fell against the greenback. Against the yen, it rose.

The loonie fell to more than a 5-week low of 0.9802 against the aussie, from a high of 0.9751 hit at 5:00 pm ET. If the loonie continues its fall, 0.99 is possibly seen as its next support level.

The loonie reached as low as 1.5145 against the euro, down from a high of 1.5088 hit at 3:45 am ET. Next key support for the loonie is likely seen around the 1.52 level.

Survey data from Ifo Institute showed that Germany's business confidence remained stable in May.

The business climate index came in at 102.2 in May, unchanged from April. The score was seen at 102.

The loonie fell back to 1.2920 against the greenback, heading closer to pierce a 10-day low of 1.2922 seen at 3:05 am ET. The next possible support for the loonie is seen around the 1.31 level.

The loonie pared some of its early gains to 84.70 against the yen, coming off from a high of 85.13 hit at 9:30 pm ET. The loonie is seen finding support around the 83.00 region.

Data from the Ministry of Internal Affairs and Communications showed that overall consumer prices in Tokyo rose 0.4 percent on year in May.

That was beneath expectations for 0.5 percent, which would have been unchanged.

Looking ahead, U.S. durable goods orders for April and University of Michigan's final consumer sentiment index for May will be out in the New York session.

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