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Forex News: Canadian Dollar Drops On Falling Oil Prices

Canadian Dollar Drops On Falling Oil Prices

12/23/2019 - 02:47:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the Asian session on Monday, as oil prices fell after Kuwait signaled a deal with Saudi Arabia to renew crude output along their border.

Crude for February delivery fell $0.46 to $60.17 per barrel.

The resumption of output is likely to add around 500,000 barrels per day to the oil market.

The deal is expected to be signed on Tuesday.

Kuwait's Oil Minister Khaled Al-Fadhel said that resuming output at the Wafra and Khafji oilfields in the neutral zone depends on a political decision and a final accord.

Asian markets are mixed amid renewed optimism about an interim U.S.-Chinese trade deal. The loonie declined to 1.3160 against the greenback, from a high of 1.3141 seen at 6:00 pm ET. The loonie is seen finding support around the 1.33 level.

After rising to near a 6-week high of 1.4553 against the euro at 6:00 pm ET, the loonie depreciated to 1.4586. Next key support for the loonie is seen around the 1.47 level.

The loonie edged down to 83.13 against the yen, following an advance to 83.34 at 6:30 pm ET. The loonie is likely to face support around the 81.5 level.

The loonie reached as low as 0.9093 against the aussie, down from Friday's closing value of 0.9069. The next possible support for the loonie is seen around the 0.92 mark.

Looking ahead, Canada GDP data for October, U.S. durable goods orders and new home sales for November are due out in the New York session.

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