Canadian Dollar Falls As Oil Prices Drop On U.S.-China Trade Woes
06 Mayo 2019 - 04:32AM
RTTF2
The Canadian dollar slipped against its most major counterparts
in the European session on Monday, as oil prices dropped on
concerns about global demand after U.S.-China trade tensions
escalated.
Crude for June delivery fell $0.64 to $61.28 per barrel.
Sentiment dampened after the US President Donald Trump poured
cold water on renewed optimism over a possible trade deal, vowing
to hike tariffs on China.
Trump tweeted on Sunday that talks toward a trade deal with
China were proceeding "too slowly", and that he would raise tariffs
on USD 200 billion of goods to 25 percent on Friday from 10
percent.
Trump also added that he would target a further USD 325 billion
of Chinese goods with 25 percent tariffs "shortly.
The Wall Street Journal reported Sunday that China is
considering cancelling trade talks that are to resume in Washington
this week.
Chinese delegation led by Vice Premier Liu He was scheduled to
return to Washington on Wednesday for the final round of talks.
The loonie has been trading lower against its major counterparts
in the Asian session, barring the yen.
The loonie fell back to 1.3488 against the greenback, not far
from a 10-day low of 1.3493 hit at 2:15 am ET. The loonie is poised
to find support around the 1.37 level.
The Canadian currency pulled back to 1.5097 against the euro,
heading to pierce a 5-day low of 1.5101 touched at 2:30 am ET. The
next possible support for the loonie is seen around the 1.52
level.
Data from IHS Markit's purchasing managers' survey showed that
Eurozone private sector grew to the slowest pace in three months in
April, due to the weaker performance in both manufacturing and
services sectors.
The final Eurozone Composite Purchasing Managers' Index, or PMI,
fell to a three-month low of 51.5 in April from 51.6 in March. The
flash reading was 51.3.
The loonie declined to 0.9431 against the aussie, from an early
2-month high of 0.9375, and held steady thereafter. The pair
finished Friday's trading at 0.9420.
On the flip side, the loonie recovered to 82.33 against the yen,
from an early 1-1/2-month low of 81.79. If the loonie continues its
rise, 83.5 is possibly seen as its next resistance level.
In today's events, Federal Reserve Bank of New York President
John Williams will speak at the Annual Bronx Bankers Breakfast in
New York at 10:00 am ET.
Euro vs CAD (FX:EURCAD)
Gráfica de Divisa
De Feb 2024 a Mar 2024
Euro vs CAD (FX:EURCAD)
Gráfica de Divisa
De Mar 2023 a Mar 2024