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Forex News: Canadian Dollar Weakens As Oil Prices Fall After

Canadian Dollar Weakens As Oil Prices Fall After U.S. Inventory Rises

12/02/2020 - 02:37:00 (RTTNews)

(RTTNews) - The Canadian dollar dropped against its major counterparts in the Asian session on Wednesday, as a build in U.S. crude inventories and the OPEC's decision to delay talks on output cuts weighed on oil prices.

Crude for February delivery fell $0.36 to $47.06 a barrel.

Data from the American Petroleum Institute showed that the U.S. crude inventories increased by 4.146 million barrels in the week ended November 27. Analysts had projected a fall of 2.358 million barrels for the week.

The Organization of the Petroleum Exporting Countries and its allies delayed talks to Thursday amid failure to reach an agreement on output cuts.

OPEC members had reached a consensus to extend the production curbs for three months, but they need to convince the wider OPEC+ group led by Russia to back the policy. The group had previously agreed to raise output by 2 million barrels per day in January.

The loonie fell to 1.2950 against the greenback from Tuesday's closing value of 1.2934. The loonie is poised to find support around the 1.33 level.

The loonie reached 1.5637 against the euro, its weakest level since October 29. On the downside, 1.58 is likely seen as the next support level for the currency.

The loonie edged down to 0.9557 against the aussie, compared to 0.9531 hit late New York Tuesday. If the loonie falls further, 0.98 is possibly seen as its next support level.

In contrast, the loonie climbed to a 3-week high of 80.84 against the yen from yesterday's closing value of 80.61. The next likely resistance for the loonie is seen around the 82.5 level. Looking ahead, Swiss consumer price data is due at 2:30 am ET.

Eurozone PPI and jobless rate for October are due in the European session.

U.S. ADP private payrolls data for November is scheduled for release at 8:15 am ET.

The Federal Reserve's Beige book report will be released in the New York session.

Federal Reserve Chair Jerome Powell testifies on the CARES Act before the House Financial Services Committee in Washington DC at 10:00 am ET.

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