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Forex News: Canadian Dollar Lower Amid Falling Oil Prices

Canadian Dollar Lower Amid Falling Oil Prices

05/27/2021 - 03:37:00 (RTTNews)

(RTTNews) - The Canadian dollar fell against its most major rivals in the Asian session on Thursday, as oil prices declined with investors focused on the Iranian nuclear talks being held in Vienna aimed to revive a nuclear accord.

Crude for July delivery dropped $0.31 to $65.90 per barrel.

Talks between Iran and world powers resumed on Tuesday for reviving the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action. U.S. top negotiator Rob Malley said on Tuesday that the latest round of talks was constructive and saw meaningful progress. But much work still needed to be done.

Traders focused on the prospects of an increase in Iranian supplies, if sanctions on the country are lifted.

The Organization of Petroleum Exporting Countries and its allies are set to meet on June 1 to discuss the state of the market and their production policy.

The currency was further weighed by concerns over a tightening of monetary policy by the Federal Reserve, ahead of the release of a crucial U.S. inflation data this week.

The loonie reached as low as 1.4796 against the euro and held steady thereafter. The pair had ended Wednesday's trading at 1.4770.

The loonie weakened to 89.91 against the yen and 0.9392 against the aussie, compared to Wednesday's closing values of 90.00 and 0.9381, respectively. The next possible support for the loonie is seen around 88.00 against the yen and 0.95 against the aussie.

In contrast, the loonie rebounded from a weekly low of 1.2142 against the greenback and was trading at 1.2106. Next key resistance for the loonie is seen around the 1.20 level.

Looking ahead, U.S. weekly jobless claims for the week ended May 22, durable goods orders and pending home sales for April and GDP data for the first quarter will be featured in the New York session.

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