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Canadian Dollar Falls on Low Oil Prices

2018-10-11 01:08 pm | Resource: News | No Views : 110

 The Canadian dollar fell against its major counterparts in the European session on Thursday, as oil prices fell after a report on the increase of the US Treasury. The Canadian dollar was also affected by global concern as global equities fell

  • Oil for November delivery fell $ 1.16 to $ 72.01 per barrel.
  • Chinese yuan-denominated oil prices fell more than 3%
  • Crude futures for December delivery fell 3.05 percent, or 18.2 yuan, to finish at 574.2 yuan a barrel ($ 82.86).

Meanwhile, OPEC Secretary-General Mohamed Barkindo said on Thursday that oil producers were very concerned about excess production capacity as investment in the energy sector declined. "We are very concerned," said Barkindo, in response to a question on excess capacity in the light of continued decline in investment in the oil sector caused by the market's decline. Barkindo was speaking at the Oil and Money Conference in London and said earlier he wanted to ensure that there was no shortage of crude in the market.

The currency was also affected by risk aversion as investors continued to worry about rising yields on US Treasuries and the US-China trade war.

Canadian Dollar Trading

  • The Canadian dollar trimmed gains to 1.3062 against the US dollar, from a high of 1.3033
  • The Canadian dollar fell to a two-week low of 1.5104 against the euro, after advancing to 1.5032
  • The Canadian dollar fell to a nine-day low of 0.9258 against the Australian dollar, after rising to 0.9198
  • The Canadian dollar fell to 85.91 against the yen, heading for a break above the 3 week low at 85.77

Other analysis

USD/JPY Technical analysis 13 December 2018

Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY faced resistance and selling pressure nearly of the resistance level of 113.58 to retract to the support level 113.20. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test levels of 113.58 - 114.08 again…

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