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Canadian Dollar Weakens Amid Falling Oil Prices As U.S. Weighs Plan To Release Oil From Reserves

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The Canadian dollar fell against its most major counterparts in the Asian session on Thursday, following a drop in oil prices as President Joe Biden prepared a plan to release oil from U.S. reserves to control inflation.

The Biden administration is planning to release up to 180 million barrels of oil from strategic reserves for several months.

Biden is expected to make an announcement later today, when he will give remarks on gas prices from the White House.

West Texas Intermediate futures on the NYMEX have slipped to near $100 per barrel ahead of the OPEC meeting.

The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, is expected to maintain policy steady and boost output by 400,000 barrels per day in April.

Hopes of de-escalation in Ukraine conflict faded after Russia said that there were no breakthroughs following in-person negotiations in Turkey.

The loonie fell to a 2-day low of 1.2520 against the greenback and near a 2-week low of 1.3980 against the euro, reversing from its early highs of 1.2476 and 1.3918, respectively. The loonie may challenge support around 1.28 against the greenback and 1.42 against the euro.

The loonie edged down to 97.26 against the yen, after rising to 98.01 earlier in the session. The loonie may find support around the 94.00 mark.

In contrast, the loonie recovered to 0.9351 against the aussie, from a low of 0.9404 seen at 8:45 pm ET. The loonie is likely to face resistance around 0.92 the region, if it gains again.

Looking ahead, German jobless rate for March and Eurozone jobless rate for February are due in the European session.

U.S. weekly jobless claims for the week ended March 26, personal income and spending data for February will be published in the New York session.

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