Canadian Dollar Slides Amid Crude Oil Prices Drop
The Canadian dollar weakened against other major currencies in
the Asian session on Friday, as crude oil prices slid after
Russia's Deputy Prime Minister said Russia won't agree on any
additional cut in crude production.
Meanwhile, the benchmark West Texas Intermediate Crude oil
futures for July ended down $2.51 or 3.4 percent at $71.83 a
barrel. Also, the Brent crude futures settled down $2.10, or 2.7
percent at $76.25 a barrel.
Russia's Deputy Prime Minister Alexander Novak said Russia won't
agree on any additional OPEC+ production cuts in crude production
at its meeting next week.
Also, Asian stock markets traded lower amid lingering concerns
about economic slowdown, and fears of a U.S. debt default rendered
the mood bearish. Meanwhile, some relief is seen as lawmakers move
closer to a deal to raise debt limit and cap spending for two
Reflecting the default concerns, Fitch Ratings placed the United
States "AAA" credit on "rating watch negative," signaling downside
risks to U.S. creditworthiness.
House Speaker Kevin McCarthy said that some progress had been
made but several issues remained unresolved in negotiations, as the
deadline ticked closer to raise the federal government's $31.4
trillion borrowing limit or risk default.
With just over a week left - including a holiday weekend - U.S.
Treasury Secretary Janet Yellen reiterated her dire warning that
the U.S. could have a hard time paying its bills.
In the Asian trading today, the Canadian dollar fell to nearly a
1-month low of 1.3654 against the U.S. dollar and a 9-day low of
1.4648 against the euro, from yesterday's closing quotes of 1.3639
and 1.4627, respectively. If the loonie extends its downtrend, it
is likely to find support around 1.37 against the greenback and
1.49 against the euro.
Against the yen and the Australian dollar, the loonie dropped to
102.38 and 0.8885 from yesterday's closing quotes of 102.65 and
0.8873, respectively. On the downside, 99.00 against the yen and
0.91 against the aussie are seen as the next support levels for the
Looking ahead, U.K. retail sales data for April is due to be
released at 2:00 am ET.
In the New York session, Canada preliminary wholesale sales data
for April and budget balance report for March, U.S. durable goods
orders for April, personal income and spending data for April, U.S.
University of Michigan consumer sentiment index for May and U.S.
Baker Hughes weekly oil rig count data are slated for release.
CAD vs Yen (FX:CADJPY)
から 9 2023 まで 10 2023
CAD vs Yen (FX:CADJPY)
から 10 2022 まで 10 2023