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Forex News: Canadian Dollar Weakens Amid Falling Oil Prices

Canadian Dollar Weakens Amid Falling Oil Prices

11/18/2022 - 10:57:00 (RTTNews)

(RTTNews) - The Canadian dollar fell against its major counterparts in the European session on Friday, as oil prices dropped on concerns about the U.S. Federal Reserve's tightening path and a slowdown in the economic growth.

Crude for January delivery dropped $3.59 to 86.19 per barrel.

St Louis Fed President James Bullard said that the central bank will be required to continue raising interest rates by at least another full percentage point as the impact of tightening is having a limited effect so far.

Minneapolis Fed President Neel Kashkari said that the U.S. central bank shouldn't pause on monetary tightening before there is a clear indication that inflation has peaked.

Hawkish comments from Fed officials fuelled expectations for further interest rate rises that could derail the economic growth.

The loonie dropped to 0.8978 against the aussie and 1.3399 against the greenback, from its early highs of 0.8893 and 1.3300, respectively. The next possible support for the loonie is seen around the 0.90 against the aussie and 1.35 against the greenback.

The loonie was down at a 2-day low of 1.3865 against the euro. The loonie is poised to challenge support around the 1.40 mark.

The loonie slipped to 104.36 against the yen, from a 2-day high of 105.42 seen at 7:05 pm ET. The currency is likely to challenge support around the 103.00 region.

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