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The Canadian dollar retreated as oil fell

2018-08-15 01:00 pm | Resource: News | No Views : 261

The Canadian dollar fell against major currencies on Wednesday amid risk aversion as investors worried about the effects of the financial crisis in Turkey. Especially after Turkey raised tariffs on imports of some American products, widening its rift with the United States.

The new Turkish tariffs target imports of products, including rice, tobacco products, vehicles, alcohol, coal and cosmetics.

Oil prices fell after industry data showed US crude inventories rebounded last week.  Crude oil delivery for September fell $ 0.85 to $ 66.19 a barrel.

US crude inventories rose 3.7 million barrels to 410.8 million barrels in the week ending Aug. 10, the US Petroleum Institute said. Economists forecast a 2.5 million barrel drop.
The Energy Information Administration will release official inventory data later in the day.

Canadian Dollar Trading
  • The Canadian dollar traded against major currencies during the Asian session. Canadian dollar rose against the Australian dollar and yen, fell against the dollar. Against the euro, keep it steady.
  • The Canadian dollar fell to 0.9463 against the Australian dollar, from a two-year high of 0.9418 at 14:20 GMT.
  • Australia's wage prices rose by a seasonally adjusted 0.6 percent quarter-on-quarter in the second three months of 2018. That was in line with expectations and rose from 0.5 percent in the previous three months, data from the Australian Bureau of Statistics showed.
  • The Canadian dollar fell to 84.77 against the yen and 1.3109 against the US dollar, reversing from a 6-day high of 85.32 and a 5-day high of 1.3050 respectively. If the Canadian Dollar is lower, 83.00 and 1.33 are likely to be seen as the next support levels against the Yen and the US Dollar, respectively.
  • After retreating from a 9-month high of 1.4799, the Canadian dollar reversed its trend and fell to 1.4833 against the euro. On the downside, 1.33 is likely to be seen as the next support level for the Canadian dollar.


Other analysis

Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…

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