Canadian Dollar Slides As Oil Prices Fall
23 Março 2016 - 12:43AM
RTTF2
The Canadian dollar slipped against its most major counterparts
in pre-European deals on Wednesday, as oil prices declined after
data from the American Petroleum Institute showed a huge build in
oil inventories last week, reinforcing worries over supply
glut.
Data from the industry group API showed that U.S. stockpiles
increased by 8.8 million barrels last week to reach a record high
of 531.8 million.
The Energy Information Administration will release official data
later in the day.
Asian stock markets are mostly lower, following the lackluster
cues overnight from Wall Street. Geopolitical concerns following
the deadly terror attacks in Brussels weighed on sentiment.
The loonie was moderately higher against most major rivals
yesterday. The loonie added 0.7 percent against the euro, 0.4
percent against the greenback and 0.8 percent against the yen.
The loonie weakened by 0.4 percent to 1.3095 against the
greenback from Tuesday's closing value of 1.3048. The loonie is
seen finding support around the 1.32 mark.
The loonie that ended yesterday's trading at 1.4622 against the
euro edged down to 1.4674. The loonie may locate support around the
1.48 region.
The loonie dropped to 85.71 against the Japanese yen, after
having advanced to 86.18 at 5:45 pm ET. On the downside, 84.00 is
likely seen as the next support level for the loonie.
On the flip side, the loonie edged up to 0.9948 against the
aussie, off early weekly low of 0.9980. The pair was worth 0.9934
when it ended yesterday's trading.
Looking ahead, U.S. new home sales for February are due in the
New York session.
At 11:00 am ET, Eurozone flash consumer sentiment index for
March is set for release.
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