Canadian Dollar Drops On Falling Oil Prices
September 12 2019 - 11:34PM
RTTF2
The Canadian dollar declined against its major counterparts in
the Asian session on Friday, as oil prices dropped on concerns
about global growth and slowing demand.
Crude for October delivery fell $0.12 to $54.97 per barrel.
OPEC meeting on Thursday failed to consider deeper supply cuts,
but agreed to lower Nigerian and Iraqi output to their agreed
quotas.
Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman,
said that OPEC and allies would maintain the current production
agreement and agreed to defer any changes to the accord until they
meet in December.
In its monthly oil market report released on Thursday, the
International Energy Agency said higher oil supply from U.S. would
make balancing the market "daunting" in 2020.
The loonie edged down to 81.59 against the yen from Thursday's
closing value of 81.80. The loonie is likely to challenge support
around the 78.5 region, if it drops again.
Final data from the Ministry of Economy, Trade and Industry
showed that Japan's industrial production expanded as estimated in
July.
Industrial production rose 1.3 percent month-on-month in July,
in line with the preliminary estimate.
The loonie dropped to a 9-day low of 1.4692 against the euro and
weekly low of 1.3229 against the greenback from yesterday's closing
values of 1.4614 and 1.3210, respectively. The next possible
support for the loonie is seen around 1.48 against the euro and
1.35 against the greenback.
The loonie slipped to 0.9092 against the aussie, its lowest
since July 30. The loonie is seen finding support around the 0.92
mark.
Looking ahead, Eurozone trade data for July is due in the
European session.
In the New York session, U.S. retail sales and export and import
prices for August, business inventories for July and University of
Michigan's consumer sentiment index for September are slated for
release.
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