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Forex News: Canadian Dollar Slides On Falling Oil Prices

Canadian Dollar Slides On Falling Oil Prices

10/11/2018 - 06:55:00 (RTTNews)

(RTTNews) - The Canadian dollar dropped against its major counterparts in the European session on Thursday, as oil prices declined following an industry report showing a bigger than expected increase in U.S. crude inventories last week.

Crude for November delivery fell $1.16 to $72.01 per barrel.

Data from the American Petroleum Institute showed that U.S. crude inventories increased by 9.75 million barrels for the week ended October 5.

Analysts were looking for a smaller build of 2.62 million barrels of crude inventories.

The API report showed that US gasoline inventories grew 3.4 million barrels in the week ended October 5, while distillate inventories dropped 3.5 million barrels.

Official data from the Energy Information Administration is due later in the day. Economists forecast a build of 1.61 million barrels in crude inventories for the week ended October 5.

The currency was also weighed by risk aversion, as investors continue to fret over rising U.S. treasury yields and trade war between the U.S. and China.

The currency has been trading in a negative territory against its major rivals in the Asian session.

The loonie pared gains to 1.3062 against the greenback, from a high of 1.3033 hit at 3:15 am ET. The next possible support for the loonie is seen around the 1.32 level.

The loonie extended slide to near a 2-week low of 1.5104 against the euro, after having advanced to 1.5032 at 5:30 pm ET. If the loonie falls further, it may find support around the 1.53 area.

The loonie declined to a 9-day low of 0.9258 against the aussie, following a rise to 0.9198 at 5:00 pm ET. The loonie is seen finding support around the 0.95 region.

The loonie retreated to 85.91 against the yen, heading to pierce more than a 3-week low of 85.77 set at 9:45 pm ET. The loonie is poised to challenge support around the 84.00 mark.

Data from the Bank of Japan showed that Japan overall bank lending rose 2.3 percent on year in September, coming in at 528.660 trillion yen.

That exceeded expectations for an increase of 2.2 percent, which would have been unchanged from the previous month.

Looking ahead, the Bank of England member Gertjan Vlieghe will deliver a speech titled "Global and domestic challenges for UK monetary policy" at the Belgian Financial Forum in Brussels at 6:45 am ET.

At 7:30 am ET, the European Central Bank releases the account of the monetary policy meeting of the Governing Council held in Frankfurt on September 12-13.

In the New York session, Canada new housing price index for August, U.S. consumer price index for September and weekly jobless claims for the week ended October 6 are set for release.

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