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Forex News: Canadian Dollar Drops On Falling Oil Prices

Canadian Dollar Drops On Falling Oil Prices

09/07/2020 - 09:06:00 (RTTNews)

(RTTNews) - The Canadian dollar fell against its major counterparts in the European session on Monday amid lower oil prices, as Saudi Arabia slashed prices for oil supply to Asia to boost demand.

Crude for October delivery declined $0.58 to $39.19 per barrel.

State oil producer Saudi Aramco cut its October official selling price for shipments to Asia by 50 cents a barrel against the regional benchmark.

The company also lowered prices to the U.S. and the Europe.

Chinese crude imports fell for a second month in August after hitting a record high in June.

China's crude imports dropped to 11.18 million barrels per day from 12.08 mn b/d in July.

The loonie dropped to 80.98 against the yen and 1.3116 against the greenback, down from its early highs of 81.40 and 1.3050, respectively. The next likely support for the loonie is seen around 78.00 against the yen and 1.34 against the greenback.

The loonie fell to 1.5524 against the euro, from a 4-day high of 1.5448 seen at 5:45 pm ET. On the downside, 1.58 is possibly seen as the next support level for the loonie.

Survey data from Sentix showed that Eurozone investor confidence improved to the highest since February as the economy continued to recover from the coronavirus induced slump.

The investor confidence index rose to -8.0 in September from -13.4 in August. This was the fifth successive increase and reached its highest level since February.

The loonie hit a 4-day low of 0.9550 against the aussie, after rising to 0.9505 at 5:00 pm ET. The loonie is likely to face support around the 0.98 region.

Data from ANZ showed that Australia's job advertisement grew at a much slower pace in August.

Job ads increased 1.6 percent month-on-month in August, after a 19.1 percent rise in July.

U.S. markets are closed for Labor Day holiday.

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