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Forex News: Canadian Dollar Weakens On Falling Oil Prices

Canadian Dollar Weakens On Falling Oil Prices

10/04/2017 - 10:19:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its most major counterparts in early New York deals on Wednesday, as oil prices declined following an industry data showing a larger than build in gasoline stocks last week.

Crude for November delivery fell $0.02 to $50.40 per barrel.

Data from the American Petroleum Institute showed late Tuesday that gasoline inventories surged up 4.19 million barrels for the week ended September 29. Analysts were expecting an increase of 1.5 million barrels.

Crude oil stockpiles dropped 4.08 million barrels and distillate stocks were lower by 584,000 barrels.

The U.S. Energy Information Administration will release release its official inventory report at 10:30 am ET.

Speaking at the Russian Energy Week forum in Moscow, the OPEC Secretary-General, Mohammad Barkindo, stated that the participating countries are strictly adhering to terms of the OPEC deal.

Investors await speeches by Federal Reserve officials, the U.S. nonfarm payrolls report, foreign-exchange reserves data from China and minutes of the last ECB meeting this week for further direction.

The currency was trading mixed in the European session. While it rose against the aussie and the greenback, it fell against the yen and the euro.

The loonie eased to 1.4689 against the euro, from a 5-day high of 1.4651 hit at 5:45 am ET. If the loonie extends decline, 1.48 is possibly seen as its next support level.

Final data from IHS Markit showed that the euro area private sector ended the third quarter strongly as output growth accelerated to a four-month high, underpinned by new orders in September.

The composite output index rose to 56.7 in September from 55.7 a month ago. The score matched the preliminary estimate.

The loonie fell to 1.2498 against the greenback, off its early 5-day high of 1.2449. The next possible support for the loonie is seen around the 1.265 area.

Data from payroll processor ADP showed that employment in the U.S. private sector climbed by slightly more than anticipated in the month of September.

ADP said private sector employment rose by 135,000 jobs in September after surging up by a revised 228,000 jobs in August.

The loonie edged down to 90.15 against the Japanese yen and held steady thereafter. The pair finished Tuesday's deals at 90.36.

The latest survey from Nikkei showed that Japan's services sector continued to expand in September, albeit at a slower rate, revealed on Wednesday with a PMI score of 51.0.

That's down from 51.6 in August, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

On the flip side, the loonie was trading higher at 0.9796 against the aussie, up from an early 5-day low of 0.9813. The pair was valued at 0.9783 when it closed deals on Tuesday.

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