Canadian Dollar Falls As Oil Prices Drop
10:49, 11th October 2024
(RTTNews) - The Canadian dollar was lower against its major counterparts in the New York session on Friday, as oil prices edged lower on concerns about the impact of Hurricane Milton on U.S. oil output.
Hurricane Milton caused havoc across Florida, destroying homes and leaving people without power.
At least 16 deaths had been reported, though search and rescue operations had started.
Strong domestic jobs data lifted the currency earlier in the session.
The economy added 46,700 jobs in September, well above expectations of 29,800 jobs.
The unemployment rate fell to 6.5 percent from 6.6 percent in August.
The loonie fell to multi-day lows of 1.5082 against the euro and 0.9304 against the aussie, off its early highs of 1.5016 and 0.9245, respectively. The currency is seen finding support around 1.52 against the euro and 0.94 against the aussie.
The loonie retreated to 108.25 against the yen, from an early high of 108.61. The currency may challenge support around the 106.00 level.
The loonie eased to 1.3777 against the greenback. This may be compared to an early more than 2-month low of 1.3783. The currency is likely to locate support around the 1.40 level.
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