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Forex News: Canadian Dollar Weakens On Falling Oil Prices

Canadian Dollar Weakens On Falling Oil Prices

10/08/2018 - 03:47:00 (RTTNews)

(RTTNews) - The Canadian dollar lost ground against its major counterparts in Asian deals on Monday, as oil prices declined after Washington said that it is mulling some waivers on sanctions against Iran for nations that have shown some efforts to reduce their imports of Iranian oil.

Crude for November delivery fell $0.50 to $73.84 per barrel.

Brent crude prices fell more than 1 percent to below $80 a barrel after an U.S. government official said last week that it would grant exemptions to those nations that have attempted to cut Iranian oil supplies.

Further undermining oil prices were reports that Saudi Arabia has replaced all of Iran's lost oil.

News that Chinese authorities has slashed the banks' reserve ratio requirement failed to cheer investor mood.

Strong U.S. jobs data released last week added to worries about rising interest rates in the U.S.

The U.S. 10-year Treasury yield held near 7-year high on expectations for faster rate increases after Federal Reserve chairman Jerome Powell said last week the U.S. central bank was "a long way" from neutral on interest rates.

The loonie weakened to 10-day lows of 87.60 against the yen and 1.2991 against the greenback, from its early highs of 87.97 and 1.2936, respectively. On the downside, 86.00 and 1.31 are likely seen as the next support levels for the loonie against the yen and the greenback, respectively.

The loonie fell to a weekly low of 1.4942 against the euro and a 5-day low of 0.9164 against the aussie, coming off from its previous highs of 1.4906 and 0.9125, respectively. The loonie is seen finding support around 1.51 against the euro and 0.93 against the aussie.

Looking ahead, Eurozone Sentix investor confidence index for October is due in the European session.

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