Canadian Dollar Falls As Oil Prices Slide
27 November 2015 - 1:59PM
RTTF2
The Canadian dollar weakened against the other major currencies
in the late Asian session on Friday, as oil prices declined amid
supply glut concerns, and after China reported a decline in
industrial profits for the month of October.
Crude oil for January delivery are currently down $0.54 to
$42.50 a barrel.
Data from the National Bureau of Statistics showed that the
profits earned by Chinese industrial enterprises fell notably by
4.6 percent year-over-year in October, much faster than the 0.1
percent slight decrease in September.
The market focus to a meeting by the ministers from the
Organization of the Petroleum Exporting Countries, due on December
4 at Vienna. Thursday, the Canadian dollar showed mixed performance
against its major rivals. While the Canadian dollar held steady
against the U.S. dollar, the yen and the euro, it rose against the
Australian dollar.
In the late Asian session, the Canadian dollar fell to 2-day
lows of 91.89 against the yen and 1.4155 against the euro, from
yesterday's closing quotes of 92.17 and 1.4101, respectively. If
the loonie extends downtrend, it is likely to find support around
91.00 against the yen and 1.44 against the euro.
Against the greenback, the loonie dropped to 1.3313 from
yesterday's closing value of 1.3289. On the downside, 1.35 is seen
as the next support level for the loonie
Meanwhile, the loonie rose to a 1-week high of 0.9584 against
the Australian dollar, from an early low of 0.9632. The loonie may
tests resistance near the 0.94 area.
Looking ahead, the second estimate of U.K. GDP data for the
third quarter, U.K. index of services for September, Eurozone
economic confidence index for November and German Gfk consumer
sentiment for December are slated for release in the European
session.
In the New York session, Canada industrial product price index
for October is set to be published.
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