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Forex News: Canadian Dollar Lower Amid Falling Oil Prices

Canadian Dollar Lower Amid Falling Oil Prices

05/09/2022 - 11:00:00 (RTTNews)

(RTTNews) - The Canadian dollar fell against its most major counterparts in the European session on Monday amid a drop in oil prices, as China's two biggest cities tightened restrictions, sparking worries about economic growth in the world's second largest economy.

Crude for July delivery fell $2.80 to 109.59 per barrel.

Authorities in Shanghai issued notices in several districts, ordering residents to remain at home and prevented from receiving nonessential deliveries at least until Wednesday.

China's export growth slowed to the weakest in almost two years and imports were barely changed in April, adding to concerns over the economic outlook.

Saudi Aramco, the world's largest oil producer, reduced its official selling prices for Asian and European customers amid subdued demand.

The G7 countries pledged to phase out or ban the import of Russian oil to ramp up pressure on President Vladimir Putin over the attacks on Ukraine.

The loonie touched 1.2954 against the greenback, its lowest level since December 2021. If the loonie slides further, it may find support around the 1.32 mark.

The loonie was down against the euro, at nearly a 2-week low of 1.3664. The loonie is likely to challenge support around the 1.38 level.

The loonie pulled back against the yen to hit a 5-day low of 100.92. The next key support for the loonie is seen around the 98.5 mark.

In contrast, the loonie rallied to 0.9042 against the aussie, marking a new 3-month high. The loonie is poised to find resistance around the 0.88 area.

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