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Forex News: Canadian Dollar Falls Amid Lower Oil Prices

Canadian Dollar Falls Amid Lower Oil Prices

09/10/2024 - 12:55:00 (RTTNews)

(RTTNews) - The Canadian dollar declined against its major counterparts in the New York session on Tuesday, as OPEC's downgrade of oil demand forecast weighed on oil prices.

In its monthly report, OPEC forecasts global oil demand to increase by 2.03 million barrels per day in 2024, down from the previous projection of 2.11 million bpd.

The downgrade was driven by reduced demand growth from China.

Bank of Canada Governor Tiff Macklem said that changing trends in global trade could lift prices and increase volatility to inflation.

"Trade disruptions may mean larger deviations of inflation from the 2% target," Macklem said, adding that supply shocks pose problems to central banks and they "can't stabilize growth and inflation at the same time."

The loonie fell to 1.5007 against the euro and 104.60 against the yen, off its early highs of 1.4960 and 105.90, respectively. The currency is likely to challenge support around 1.52 against the euro and 102.5 against the yen.

The loonie touched near a 3-week low of 1.3615 against the greenback. Immediate support for the currency is seen around the 1.38 level.

The loonie was trading at 0.9047 against the aussie, down from an early nearly 4-week high of 0.9018. The currency is seen finding support around the 0.92 level.

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