Canadian Dollar Weakens As Oil Prices Fall After U.S. Inventory Rises
2020年12月2日 - 11:37AM
RTTF2
The Canadian dollar dropped against its major counterparts in
the Asian session on Wednesday, as a build in U.S. crude
inventories and the OPEC's decision to delay talks on output cuts
weighed on oil prices.
Crude for February delivery fell $0.36 to $47.06 a barrel.
Data from the American Petroleum Institute showed that the U.S.
crude inventories increased by 4.146 million barrels in the week
ended November 27. Analysts had projected a fall of 2.358 million
barrels for the week.
The Organization of the Petroleum Exporting Countries and its
allies delayed talks to Thursday amid failure to reach an agreement
on output cuts.
OPEC members had reached a consensus to extend the production
curbs for three months, but they need to convince the wider OPEC+
group led by Russia to back the policy. The group had previously
agreed to raise output by 2 million barrels per day in January.
The loonie fell to 1.2950 against the greenback from Tuesday's
closing value of 1.2934. The loonie is poised to find support
around the 1.33 level.
The loonie reached 1.5637 against the euro, its weakest level
since October 29. On the downside, 1.58 is likely seen as the next
support level for the currency.
The loonie edged down to 0.9557 against the aussie, compared to
0.9531 hit late New York Tuesday. If the loonie falls further, 0.98
is possibly seen as its next support level.
In contrast, the loonie climbed to a 3-week high of 80.84
against the yen from yesterday's closing value of 80.61. The next
likely resistance for the loonie is seen around the 82.5 level.
Looking ahead, Swiss consumer price data is due at 2:30 am ET.
Eurozone PPI and jobless rate for October are due in the
European session.
U.S. ADP private payrolls data for November is scheduled for
release at 8:15 am ET.
The Federal Reserve's Beige book report will be released in the
New York session.
Federal Reserve Chair Jerome Powell testifies on the CARES Act
before the House Financial Services Committee in Washington DC at
10:00 am ET.
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