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Forex News: Canadian Dollar Weakens On Falling Oil Prices

Canadian Dollar Weakens On Falling Oil Prices

06/02/2017 - 05:30:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its major counterparts in early European deals on Friday, as oil prices declined on worries over the U.S. decision to pullback from the landmark Paris climate agreement, which is likely to trigger over supply.

Crude for July delivery fell $1.23 to $47.13 per barrel.

The U.S. President Donald Trump on Thursday decided to abandon from the Paris accord despite widespread criticism from allies.

"As of today, the United States will cease all implementation of the non-binding Paris accord and the draconian financial and economic burdens the agreement imposes on our country," Trump said.

Non-participation in the Paris deal could raise oil supply from the United States, stoking fears about global supply glut.

Investors await all-important U.S. jobs report due out later in the day as it could have a significant impact on the outlook for interest rates.

U.S. employment is expected to increase by 185,000 jobs in May after an increase of 211,000 jobs in April. The unemployment rate is expected to hold at 4.4 percent.

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

Pulling away from an early 3-day high of 82.70 against the yen, the loonie edged down to 82.33. Continuation of the loonie's downtrend may see it finding support around the 81.00 region.

Survey data from the Cabinet Office showed that Japan's consumer sentiment improved in May after declining for the first time in five months in April.

The consumer sentiment index rose to 43.6 in May from 43.2 in April. The reading was slightly above the expected level of 43.5.

The loonie dropped to a 2-week low of 1.3544 against the greenback, after having advanced to 1.3506 at 9:00 pm ET. If the loonie extends decline, 1.37 is likely seen as its next support level.

The loonie declined to 0.9998 against the aussie, off its early high of 0.9961. The next possible support for the loonie is seen around the 1.01 mark.

Data from the Housing Industry Association showed that Australia's new home sales increased in April after falling in the previous month.

Total home sales rose 0.8 percent month-over-month in April, reversing a 1.1 percent decrease in March.

The loonie declined to 1.5202 against the euro, its lowest since May 22. The loonie is poised to locate support around the 1.53 level.

Looking ahead, U.S. jobs data for May and trade data for April, as well as Canadian trade data for the same month are set for release in the New York session.

At 12:45 pm ET, Philadelphia Fed President Patrick Harker speaks on economic outlook at Pennsylvania Economic Association 2017 Conference.

For comments and feedback: contact editorial@rttnews.com

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