Canadian Dollar Slides Amid Risk Aversion
April 26 2019 - 2:05AM
RTTF2
The Canadian dollar fell against its major counterparts in the
European session on Friday amid risk aversion, as investors
digested a barrage of earnings reports and looked ahead to the
release of U.S. GDP data later in the day for additional clues on
the health of the world's largest economy.
The pace of U.S. growth is expected to slow to 2.1 percent in
the first quarter from 2.2 percent in the fourth quarter.
Trade talks also remained in focus after U.S. President Donald
Trump said on Thursday he would soon host Chinese leader Xi Jinping
at the White House, suggesting the two sides may be close to
finishing a trade deal.
Oil prices fell on hopes of OPEC raising production to offset
falling exports from Iran following U.S. sanctions. Crude for June
delivery fell $1.07 to $64.14 per barrel.
The currency rose against its major counterparts in the Asian
session.
The loonie declined to 1.5040 against the euro, from more than a
2-week high of 1.4994 hit at 8:45 pm ET. The next possible support
for the loonie is seen around the 1.52 level.
After rising to a 2-day high of 1.3468 against the greenback at
10:30 pm ET, the loonie reversed direction with the pair trading at
1.3498. If the loonie drops further, 1.37 is possibly seen as its
next support level.
The loonie depreciated to a 2-day low of 0.9501 against the
aussie from Thursday's closing value of 0.9460. The loonie is
poised to find support around the 0.965 level.
The loonie pared gains to 82.69 against the yen, from a high of
83.01 touched at 9:15 pm ET. Next key support for the loonie is
likely seen around the 80.5 level.
Data from the Ministry of Economy, Trade and Industry showed
that Japan retail sales rose a seasonally adjusted 0.2 percent on
month in March.
That beat expectations for a flat reading and was down from the
0.4 percent increase in February.
Looking ahead, the U.S. GDP data for the first quarter and
University of Michigan's final consumer sentiment index for April
are due in the New York session.
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