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Forex News: Canadian Dollar Falls On Declining Oil Prices

Canadian Dollar Falls On Declining Oil Prices

10/12/2017 - 07:05:00 (RTTNews)

(RTTNews) - The Canadian dollar weakened against its major opponents in the European session on Thursday, as oil prices dropped after an industry data showed a surprise build in crude inventories last week.

Crude for November delivery fell $0.41 to $50.89 per barrel.

Data from the American Petroleum Institute showed late Tuesday that U.S. crude supplies rose by 3.1 million barrels to 468.5 million barrels for the week ended October 6.

Analysts had expected the oil inventories to have fallen by 1.8 million barrels.

Gasoline inventories fell by 1.575 million barrels, while distillates were up by 2.029 million barrels.

The U.S. Energy Information Administration will release official crude inventory data later in the day, which has been delayed by a day due to the Columbus Day holiday.

In its monthly report, the International Energy Agency said that the global crude supply rose by 90,000 bpd to 97.5 million barrels of oil per day in September

"Taking 2018 as a whole, oil demand and non-Opec production will grow by roughly the same volume and it is this current outlook that might act as the ceiling for aspirations of higher oil prices," the agency said.

Investors awaited third-quarter earnings from U.S. banking giants due this week for direction.

Also, ECB President Mario Draghi and several other ECB members are set to speak at the IMF's annual meeting in Washington D.C.

The loonie was trading mixed in the Asian session. While the currency rose against the yen and the greenback, it held steady against the euro. Against the aussie, the loonie dropped.

The loonie declined to 1.2470 against the greenback, off early nearly 2-week high of 1.2433. If the loonie extends decline, 1.26 is possibly seen as its next support level.

The loonie, having advanced to a 2-day high of 1.4750 against the euro at 3:20 am ET, reversed direction and eased back to 1.4783. The next possible support for the loonie is seen around the 1.49 area.

Data from Eurostat showed that Eurozone industrial production growth accelerated to a nine-month high in August.

Industrial production climbed 1.4 percent month-on-month in August, faster than the 0.3 percent rise seen in July. This was the biggest growth since November 2016, when output grew 1.6 percent.

Reversing from an early weekly high of 90.35 against the yen, the loonie edged down to 90.07. Continuation of the loonie's downtrend may see it challenging support around the 89.00 mark.

Data from the Ministry of Economy, Trade and Industry revealed that Japan's tertiary activity contracted unexpectedly in August.

The tertiary industry activity dropped 0.2 percent month-on-month in August, reversing a 0.1 percent rise in July. Economists had forecast an increase of 0.1 percent.

The loonie weakened to 0.9753 against the aussie, following more than a 4-week high of 0.9695 hit at 5:00 pm ET. The loonie is seen finding support around the 0.985 level.

Data from the Australian Bureau of Statistics showed that Australia home loans rose a seasonally adjusted 1.0 percent on month in August, coming in at 57,161.

That beat forecasts for a gain of 0.5 percent following the downwardly revised 2.8 percent increase in July.

Looking ahead, U.S. producer prices for September and weekly jobless claims for the week ended October 7 as well as Canada new housing price index for August are set for release in the New York session.

At 10:30 am ET, the European Central Bank President Mario Draghi and Federal Reserve Governor Lael Brainard participate in a panel discussion about monetary policy at the Peterson Institute for International Economics, in Washington DC.

Simultaneously, Federal Reserve Governor Jerome Powell will give a speech titled "Prospects for Emerging Market Economies in a Normalizing Global Economy" at the Institute of International Finance Annual Membership Meeting, in Washington DC.

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