Canadian Dollar Drops Amid Oil Price Slide
26 September 2016 - 04:26AM
RTTF2
The Canadian dollar weakened against the other major currencies
in the Asian session on Monday, as the fall in crude oil prices
dampened investor sentiment. This week, investors will focus
attention on the first U.S. presidential debate and an OPEC meeting
in Algiers.
Crude oil prices came under pressure on Friday after reports
that Saudi Arabia does not expect an output agreement to stabilize
the market in talks in Algiers this week. WTI crude for November
delivery plunged $1.84 or 3.97 percent to settle at $44.48 a barrel
on the New York Mercantile Exchange.
Last Friday, the Canadian dollar showed mixed trading against
its major rivals. While the loonie fell against the U.S. dollar,
the euro and the Australian dollar, it held steady against the
yen.
In the Asian trading, the Canadian dollar fell to a 5-day low of
76.51 against the yen, from Friday's closing value of 76.66. The
loonie may test support near the 75.00 region.
Against the euro and the U.S. dollar, the loonie dropped to
1.4803 and 1.3179 from last week's closing quotes of 1.4777 and
1.3166, respectively. If the loonie extends its downtrend, it is
likely to find support around 1.49 against the euro and 1.32
against the greenback.
The loonie edged down to 1.0033 against the Australian dollar,
from an early high of 1.0009. On the downside, 1.01 is seen as the
next support level for the loonie.
Looking ahead, the German Ifo business climate index for
September and U.K. BBA mortgage approvals for August are due to be
released later in the day.
At 4:30 am ET, European Central Bank's executive board member
Yves Mersch and Swiss National Bank Governing Board Chairman Thomas
Jordan are expected to speak at Sibos 2016 financial industry
conference, in Geneva.
In the New York session, U.S. new home sales data for August is
slated for release.
At 8:30 am ET, European Central Bank's member of the supervisory
board, Ignazio Angeloni, speaks at a conference "Strengths and
Weaknesses of European Banking" organized by Brevan Howard Centre
and Imperial College Business School, in London.
At 9:00 am ET, European Central Bank President Mario Draghi will
testify before the Committee on Economic and Monetary Affairs of
European Parliament, in Brussels.
At 9:30 am ET, Minneapolis Fed President Neel Kashkari
participates in a fireside chat moderated by Harry Melander,
president of the Minnesota Building and Construction Trades Council
and board member of the Federal Reserve Bank of Minneapolis, in
Minneapolis, U.S.
Fifteen minutes later, European Central Bank Vice President
Vitor Constancio is expected to speak at a conference, in
Frankfurt.
At 11:45 am ET, Federal Reserve Governor Daniel Tarullo will
deliver a speech titled "Next Steps in the Evolution of Stress
Testing" at the Yale School of Management Leaders Forum, in New
Haven.
At 12:00 pm ET, Austrian National Bank Governor and ECB
Governing Council member Ewald Nowotny is expected to speak on the
future of banks, in Vienna.
At 1:30 pm ET, Federal Reserve Bank of Dallas President Robert
Kaplan will participate in moderated Q&A before the Independent
Bankers Association of Texas Annual Convention, in Dan Antonio.
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