EURCAD Euro vs Canadian Dollar

The Canadian dollar weakened against most major currencies in the late Asian session on Wednesday, as oil prices declined following a data showing larger-than-expected rise in U.S. crude inventories last week.

Crude oil for March delivery is currently down $0.65 to $45.58 a barrel.

The data from the American Petroleum Institute showed on Tuesday that the U.S. crude inventories rose by 12.7 million barrels in the week to 405.1 million, compared with analysts' expectations for an increase of 4.1 million barrels.

The official data on last week's inventories will be reported by the U.S. Energy Information Administration today.

In a report, Canada's parliamentary budget watchdog said that low oil prices would mean a deficit of $1.2 billion this year.

Traders await the Federal Reserve's monetary policy announcement at 2:00 pm ET. No change in policy is expected.

Tuesday, the Canadian dollar fell 0.08 percent against the U.S. dollar, 0.73 percent against the euro and 0.40 percent against the Australian dollar.

In the late Asian trading today, the loonie fell to a 6-day low of 0.9961 against the Australian dollar, from an early 2-day high of 0.9799. At yesterday's close, the loonie was trading at 0.9831 against the aussie. If the loonie extends its downtrend, it is likely to find support around the 1.01 area.

Against the euro and the yen, the loonie edged down to 1.4136 and 94.81 from yesterday's closing quotes of 1.4109 and 95.03, respectively. The loonie is likley to find support around 1.43 against the euro and 93.50 against the yen.

Euro vs CAD (FX:EURCAD)
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