Forex News: Canadian Dollar Drops As Crude Oil Prices Slip

Canadian Dollar Drops As Crude Oil Prices Slip

(RTTNews) - The Canadian dollar weakened against other major currencies in the European session on Thursday, as the crude oil prices slipped due to increased geopolitical concerns in the Middle East.

Brent crude futures fell 0.7 percent to $77.47 a barrel while WTI crude futures were down 0.7 percent at $73.01.

Both contracts soared around eight percent in the previous session after the United States and Iran exchanged strikes and U.S. President Donald Trump said the ceasefire with Iran is over.

Later, Trump said the recent armed clashes would not lead to the end of the ceasefire or the resumption of full-scale war.

The Strait of Hormuz, a vital shipping route that passes through almost one-fifth of the world's oil supplies, continues to be the center of attention for markets. Concerns about possible supply interruptions are fueled by Iran's frequent threats to restrict the waterway, which contributes to the geopolitical risk premium in crude oil prices.

In the European trading today, the Canadian dollar fell to a 2-day low of 1.6221 against the euro, from an early high of 1.6178. The loonie may test support around the 1.63 region.

Against the U.S. dollar and the yen, the loonie dropped to 1.4190 and 114.43 from an early 1-week high of 1.4153 and nearly a 1-month high of 114.78, respectively. If the loonie extends its downtrend, it is likely to find support around 1.42 against the greenback and 113.00 against the yen.

Against the Australian dollar, the loonie edged down to 0.9842 from an early high of 0.9811. On the downside, 1.00 is seen as the next support level for the loonie.

Looking ahead, U.S. weekly jobless claims data and U.S. existing home sales data for June are slated for release in the New York session.

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