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Forex News: Canadian Dollar Weakens Amid Falling Oil Prices

Canadian Dollar Weakens Amid Falling Oil Prices

05/20/2021 - 08:47:00 (RTTNews)

(RTTNews) - The Canadian dollar fell against its major rivals in the European session on Thursday, as oil prices declined after Iranian President Hassan Rouhani said that a main agreement has been reached to lift all major sanctions on Iran.

Crude for July delivery dropped $0.71 to $62.64 per barrel.

Rouhani said that the countries involved in negotiations have agreed to lift all major sanctions on oil, petrochemicals, shipping, insurance and the central bank.

Rouhani added that a final deal has yet to be agreed as discussions remained over various issues.

Concerns over the Fed starting discussion on tapering at an earlier than expected timing also weighed on oil prices.

Minutes from April's FOMC meeting showed that central bank officials are ready to discuss about tapering at upcoming meetings should the economic recovery continue to gain momentum.

The Energy Information Administration on Wednesday reported a crude oil inventory build of 1.3 million barrels last week, compared to a 1.6 million-barrel rise expected by analysts.

The loonie depreciated to 89.72 against the yen and 1.4801 against the euro, after rising to 90.18 and 1.4744, respectively in early deals. The loonie face support around 88.00 against the yen and 1.49 against the euro, if it weakens again.

The loonie dropped to a 6-day low of 1.2144 against the greenback, off its previous high of 109.31. The loonie is seen challenging support around the 1.25 mark.

Reversing from an early high of 0.9360, the loonie edged down to 0.9398 against the aussie. The currency is likely to face support around the 0.96 region.

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