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Forex News: Canadian Dollar Weakens As Oil Prices Fall

Canadian Dollar Weakens As Oil Prices Fall

05/24/2018 - 03:41:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the Asian session on Thursday, after an official data showed an unexpected build in U.S. crude inventories last week.

Crude for July delivery fell $0.26 to $71.58 per barrel.

Data from the Energy Information Administration showed Wednesday that U.S. oil inventories jumped 5.8 million barrels, versus expectations of a 2 million barrel drawdown.

Gasoline stockpiles also rose, hinting that U.S. drivers are resisting $3/gal at the pump.

Oil was also weighed by concerns about the likelihood of OPEC increasing oil supply in June.

OPEC ministers will be on hand in Russia for key energy conference to discuss the issue.

The loonie edged down to 85.09 against the yen, from a high of 85.78 hit at 5:00 pm ET. On the downside, 84.00 is likely seen as the next support for the loonie.

Data from the Cabinet Office showed that Japan's leading index weakened more than initially estimated in March.

The leading index, which measures the future economic activity, dropped to 104.4 in March from 105.9 in February. The flash score for March was 105.0.

The loonie reversed from an early high of 0.9695 against the aussie, dropping to 0.9727. The next possible support for the loonie is seen around the 0.99 level.

The loonie weakened to 1.5061 against the euro, after having advanced to 1.5005 at 5:00 pm ET. If the loonie continues its fall, 1.52 is possibly seen as its next support level.

The loonie held steady at 1.2850 against the greenback, after reversing from a high of 1.2829 hit at 7:15 pm ET. Next key support for the loonie is likely seen around the 1.30 level.

Looking ahead, U.K. retail sales data for April is scheduled for release in the European session.

At 7:30 am ET, the European Central Bank publishes the accounts of the monetary policy meeting of the Governing Council held on April 25-26.

In the New York session, U.S. weekly jobless claims for the week ended May 19, house price index for March and existing home sales for April are due.

Atlanta Fed President Raphael Bostic will deliver speech at a research event on technology-enabled economic disruptions, co-hosted by the Atlanta Fed and Dallas Fed in Dallas at 10:35 am ET.

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