FOREX TradingCharts.com

Forex News: Canadian Dollar Weakens On Falling Oil Prices

Canadian Dollar Weakens On Falling Oil Prices

11/28/2017 - 06:16:00 (RTTNews)

(RTTNews) - The Canadian dollar slipped against its major counterparts in early European deals on Tuesday amid falling oil prices, as Keystone pipeline resumed operation and investors awaited OPEC meeting in Vienna to discuss the extension of cartel's oil production cuts.

Crude for January delivery fell $0.51 to $57.60 per barrel.

Oil shipments through Keystone pipeline began today, after an outage for nearly two weeks. The pipeline will resume operations at a reduced pressure "to ensure a safe and gradual increase in the volume of crude oil moving through the system, the company said in a statement.

OPEC/non-OPEC members are scheduled to meet in Vienna on Thursday, at which they discuss whether to extend last year's landmark production deal beyond its expiry next March.

The American Petroleum Institute releases its crude inventory data later in the day, while the Energy Information Administration will publish its official data on Wednesday.

Investors also awaited developments on U.S. tax reform bills ahead of a crucial Senate vote and the confirmation hearing for incoming Federal Reserve Governor Jerome Powel.

The loonie held steady against its major rivals in the Asian session, with the exception of the yen.

The loonie retreated to a 3-month low of 86.91 versus the Japanese yen, from a high of 87.24 hit at 8:45 pm ET. The loonie is seen finding support around the 85.00 mark.

The loonie weakened to a 1-week low of 1.2794 against the greenback and a 5-1/2-month low of 1.5230 against the euro, off its early highs of 1.2754 and 1.5176, respectively. If the loonie falls further, it may target support around 1.29 against the greenback and 1.54 against the euro.

Reversing from an early high of 0.9700 against the aussie, the loonie dropped to a 2-week low of 0.9726. Continuation of the loonie's downtrend may see it challenging support around the 0.99 area.

Weekly survey compiled by the ANZ bank and Roy Morgan Research showed that Australia's consumer confidence eased during the weak ended November 28, after strengthening in the previous two weeks.

The consumer confidence index dropped to 115.0 from 116.4 in the preceding month.

Looking ahead, German GfK consumer sentiment for December is due shortly.

In the New York session, Canada industrial product and raw materials price indices for October, U.S. wholesale inventories for October, S&P Case/Shiller home price index and FHFA's house price index for September and consumer confidence index for November are set for release.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2017 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Canadian Dollar Falls As Oil Prices Drop (06 hr(s), 49 min(s), 25 sec(s) ago)
(RTTNews) - The Canadian dollar declined against its major counterparts in the European session on ...Full Story»

Canadian Dollar Falls Against Majors (08 hr(s), 07 min(s), 26 sec(s) ago)
(RTTNews) - Reversing direction, the Canadian dollar weakened against its major counterparts in ea ...Full Story»

Euro Advances Against Majors (09 hr(s), 31 min(s), 26 sec(s) ago)
(RTTNews) - The euro rose against its major counterparts in the early European session on Monday. ...Full Story»

Euro Little Changed After Italy Retail Sales Data (10 hr(s), 01 min(s), 26 sec(s) ago)
(RTTNews) - Italy's statistical office Istat has released the retail sales data for October. ...Full Story»

Euro Mixed Ahead Of Italy Retail Sales Data (10 hr(s), 10 min(s), 26 sec(s) ago)
(RTTNews) - At 4:00 am ET Monday, Italy's statistical office Istat is slated to release retail ...Full Story»

Yen Little Changed Following Japan Machine Tool Orders Data (12 hr(s), 55 min(s), 25 sec(s) ago)
(RTTNews) - Following the release of preliminary report of Japan machine tool orders for November ...Full Story»

Yen Falls Ahead Of Japan Machine Tool Orders (13 hr(s), 10 min(s), 26 sec(s) ago)
(RTTNews) - At 1:00 AM ET Monday, JMTBA is scheduled to release Japan machine tool orders for Nove ...Full Story»

Dollar Gets A Boost From Strong November Jobs Data (46 min(s), 35 sec(s) ago)
(RTTNews) - The dollar is up against all of its major rivals Friday afternoon, but has pared its g ...Full Story»

Search

FOREX NEWS

Canadian Dollar Falls As Oil Prices Drop

12/11/2017 - 07:17 AM (RTTNews)
(RTTNews) - The Canadian dollar declined against its major counterparts in the European session on ...Full Story>>

Canadian Dollar Falls Against Majors

12/11/2017 - 05:59 AM (RTTNews)
(RTTNews) - Reversing direction, the Canadian dollar weakened against its major counterparts in ea ...Full Story>>

Euro Advances Against Majors

12/11/2017 - 04:33 AM (RTTNews)
(RTTNews) - The euro rose against its major counterparts in the early European session on Monday. ...Full Story>>

Euro Little Changed After Italy Retail Sales Data

12/11/2017 - 04:04 AM (RTTNews)
(RTTNews) - Italy's statistical office Istat has released the retail sales data for October. ...Full Story>>

Euro Mixed Ahead Of Italy Retail Sales Data

12/11/2017 - 03:56 AM (RTTNews)
(RTTNews) - At 4:00 am ET Monday, Italy's statistical office Istat is slated to release retail ...Full Story>>

Binary Options Articles Courtesy of NADEX

These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.