RTTN:Canadian Dollar Weakens Amid Fall In Oil Prices
(RTTNews) - The Canadian dollar slipped against other major currencies in European trading on Wednesday following a decline in oil prices.
Crude for September delivery edged down 0.15 cents or 0.15 percent to $96.69 per barrel at 7:06 am ET.
Markets also await the outcome of a crucial meeting between Greece's Prime Minister Antonis Samaras and Eurogroup chief Jean-Claude Juncker.
Samaras is expected to seek at the meeting a two-year extension for the country's fiscal adjustment program. He will also visit French President Francois Hollande and German Chancellor Angela Merkel later this week.
Japan's wider-than-expected trade deficit in July also underpinned sentiment to an extent.
The loonie fell to a 6-day low of 79.86 against the yen and a 1-week low of 0.9927 against the U.S. dollar, compared to Tuesday's American session close of 80.17 and 0.9895, respectively. The next support level for the loonie is seen at parity against the greenback and 79.00 against the yen.
Against its European counterpart, the loonie slipped to 1.2374, its lowest level in more than 2 weeks. The next downside target level for the loonie is seen at 1.24. At Tuesday's close, the euro-loonie pair was worth 1.2342.
The loonie pared gains after climbing to 1.0337 against the Australian dollar at 1:40 am ET. The aussie-loonie pair is now trading at 1.0364, compared to yesterday's close of 1.0379.
Looking ahead, Canada retail sales for June and U.S. existing home sales data for July are due in the American morning session.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended August 17th at 10:30 am ET.
The Federal Reserve is due to release the minutes of its July 31st-August 1st meeting at 2 pm ET.
