Canadian Dollar Falls Amid Risk Aversion On Renewed Trade Concerns
December 05 2018 - 11:02PM
RTTF2
The Canadian dollar declined against its major counterparts in
the early European session on Thursday amid risk aversion, as the
arrest of the chief financial officer of Huawei Technologies
sparked worries that trade tensions between the U.S and China will
not be resolved anytime soon.
China urged Canada to release Meng Wanzhou and said it firmly
opposes and strongly protests over such kind of actions, which
seriously harm the human rights of the victim.
Oil prices fell as investors await the outcome of ongoing OPEC
meeting in Vienna aimed to prop up oil prices.
Crude for January delivery fell $1.22 to $51.74 per barrel.
The currency has been trading lower against its most major
counterparts in the Asian session.
The loonie declined to 83.92 against the yen, its weakest since
September 7. On the downside, 82.00 is seen as the next likely
support level for the loonie.
The loonie slipped to a 1-1/2-year low of 1.3428 versus the
greenback and a 2-1/2-month low of 1.5233 versus the euro, from its
early highs of 1.3351 and 1.5146, respectively. If the loonie falls
further, 1.36 and 1.54 are possibly seen as its next support levels
versus the greenback and the euro, respectively.
The loonie pared gains to 0.9704 against the aussie, from a high
of 0.9669 hit at 10:15 pm ET. The loonie is poised to find support
around the 0.99 mark.
Data from the Australian Bureau of Statistics showed that
Australia retail sales rose a seasonally adjusted 0.3 percent on
month in October, coming in at A$26.986 billion.
That was in line with expectations following the 0.2 percent
increase in September.
Looking ahead, at 8:15 am ET, U.S. ADP private payrolls data for
November is scheduled for release.
In the New York session, U.S. and Canadian trade data for
October, U.S. factory orders for October, ISM services PMI for
November, weekly jobless claims for the week ended December 1 as
well as Canada Ivey PMI for November are set for release.
At 12:15 pm ET, Federal Reserve Bank of Atlanta President
Raphael Bostic is due to speak about the national economy at the
Georgia Economic Outlook series in Atlanta.
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