Canadian Dollar Slides On Falling Oil Prices
11 Octubre 2018 - 1:55AM
RTTF2
The Canadian dollar dropped against its major counterparts in
the European session on Thursday, as oil prices declined following
an industry report showing a bigger than expected increase in U.S.
crude inventories last week.
Crude for November delivery fell $1.16 to $72.01 per barrel.
Data from the American Petroleum Institute showed that U.S.
crude inventories increased by 9.75 million barrels for the week
ended October 5.
Analysts were looking for a smaller build of 2.62 million
barrels of crude inventories.
The API report showed that US gasoline inventories grew 3.4
million barrels in the week ended October 5, while distillate
inventories dropped 3.5 million barrels.
Official data from the Energy Information Administration is due
later in the day. Economists forecast a build of 1.61 million
barrels in crude inventories for the week ended October 5.
The currency was also weighed by risk aversion, as investors
continue to fret over rising U.S. treasury yields and trade war
between the U.S. and China.
The currency has been trading in a negative territory against
its major rivals in the Asian session.
The loonie pared gains to 1.3062 against the greenback, from a
high of 1.3033 hit at 3:15 am ET. The next possible support for the
loonie is seen around the 1.32 level.
The loonie extended slide to near a 2-week low of 1.5104 against
the euro, after having advanced to 1.5032 at 5:30 pm ET. If the
loonie falls further, it may find support around the 1.53 area.
The loonie declined to a 9-day low of 0.9258 against the aussie,
following a rise to 0.9198 at 5:00 pm ET. The loonie is seen
finding support around the 0.95 region.
The loonie retreated to 85.91 against the yen, heading to pierce
more than a 3-week low of 85.77 set at 9:45 pm ET. The loonie is
poised to challenge support around the 84.00 mark.
Data from the Bank of Japan showed that Japan overall bank
lending rose 2.3 percent on year in September, coming in at 528.660
trillion yen.
That exceeded expectations for an increase of 2.2 percent, which
would have been unchanged from the previous month.
Looking ahead, the Bank of England member Gertjan Vlieghe will
deliver a speech titled "Global and domestic challenges for UK
monetary policy" at the Belgian Financial Forum in Brussels at 6:45
am ET.
At 7:30 am ET, the European Central Bank releases the account of
the monetary policy meeting of the Governing Council held in
Frankfurt on September 12-13.
In the New York session, Canada new housing price index for
August, U.S. consumer price index for September and weekly jobless
claims for the week ended October 6 are set for release.
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