Canadian Dollar Slides On Falling Oil Prices
22 August 2016 - 10:19AM
RTTF2
The Canadian dollar fell against its major counterparts in
European trading on Monday, as oil prices declined on a high
dollar, rising oil rig counts in the U.S. and renewed concerns over
supply glut on prospectus of increased crude exports from Iraq and
Nigeria.
Crude for October delivery dropped $1.33 to $47.78 per
barrel.
Commodities declined on a high dollar, which was boosted by
hawkish comments from Federal Reserve vice chairman Stanley Fischer
reviving hopes of a U.S. rate hike as soon as September.
Data from Baker Hughes showing eighth consecutive weekly rise in
oil rig counts also undermined crude. The number of oil rigs in
U.S. rose by 10 to 406 last week, according to weekly rig count
report.
Investors became skeptical that the OPEC meeting next month is
unlikely to result in any concrete actions to stabilize oil
markets, amid differences among some oil-producing nations.
The loonie showed mixed trading against its major rivals in
Asian deals. While the loonie fell against the aussie and the
greenback, it rose against the yen. Against the euro. it held
steady.
The loonie retreated from an early high of 78.19 against the
yen, edging down to 77.75. The loonie is seen finding support
around the 76.00 mark.
Data from the Japan Chain Stores Association showed that Japan's
supermarket sales recovered in July.
Supermarket sales, after adjustment, increased 0.2 percent in
July from a year ago, reversing a 0.5 percent drop in June.
The loonie declined to a weekly low of 1.2936 against the
greenback, 11-day low of 1.4611 against the euro and a 4-day low of
0.9836 against the aussie, off its early highs of 1.2871, 1.4561
and 0.9786, respectively. If the loonie slides further, it may find
support around 1.30 against the greenback, 1.47 against the euro
and 0.99 against the aussie.
Looking ahead, Canada wholesale sales data for June is due to be
released at 8:30 am ET.
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