Forex News: Canadian Dollar Falls As Crude Oil Prices Slide

Canadian Dollar Falls As Crude Oil Prices Slide

(RTTNews) - The Canadian dollar weakened against other major currencies in the Asian session on Friday, as the crude oil prices retreated from recent highs following reports that Iran has submitted a proposal to the United States to end their war and reopen the Strait of Hormuz within seven days.

The proposal was delivered to U.S. officials when the sides met through mediators this week, the Washington Post quoted Iranian Foreign Minister Abbas Araghchi as saying on the sidelines of the UN General Assembly session in New York.

Brent crude futures were down 1.4 percent at $105.13 a barrel after a two-day rally. WTI crude futures fell 1.82 percent to $92.89 a barrel.

The latest plan calls for a cessation of all hostilities in the Middle East for seven days, including in Lebanon, according to the New York Times.

It was said that U.S. and Iranian negotiators are exploring a phased deal that would see Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iranian ports.

In the Asian trading today, the Canadian dollar fell to nearly a 2-1/2-month low of 1.4154 against the U.S. dollar, from yesterday's closing value of 1.4148. The loonie may test support near the 1.43 region.

Against the yen and the euro, the loonie dropped to a 1-week low of 111.62 and a 2-week low of 1.6112 from Thursday's closing quotes of 112.28 and 1.6090, respectively. If the loonie extends its downtrend, it is likely to find support around 110.00 against the yen and 1.62 against the euro.

The loonie edged down to 0.9942 against the Australian dollar, from yesterday's closing value of 0.9909. On the downside, 1.00 is seen as the next support level for the loonie.

Looking ahead, Canada wholesale sales data for August, U.S. durable goods orders for August, U.S. University of Michigan's consumer sentiment for September and U.S. Baker Hughes oil rig count data are slated for release in the New York session.

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