Canadian Dollar Plummets Against Greenback, Yen And Euro
In early European deals on Friday, the Canadian dollar slumped to a new multi-month low against the euro, 9-day low against the yen and an 8-day low against the greenback on the back of a slide in crude oil price.
Oil slipped for a third day today towards $76 as stock markets in Asia declined after disappointing U.S. economic indicators released yesterday.
U.S. crude for August fell 21 cents to $76.41 a barrel at 5:19 am ET, extending Thursday’s slide of more than 0.5 percent.
The Canadian dollar lost ground against the Japanese yen in early European deals on Friday. The loonie-yen pair that closed yesterday’s trading at 84.13 is currently trading at a 9-day low of 83.30. The next downside target level for the loonie is seen at 82.0.
Japan’s economy is likely to recover at a moderate pace, driven by improvements in global economic conditions, the country’s central bank said today.
In its latest monthly report reviewing the economy, the Bank of Japan said exports and industrial production have been picking up, although it expects the pace of increase to moderate gradually.
During early European deals on Friday, the Canadian dollar declined against the U.S. currency. At present, the loonie is trading at an 8-day low of 1.0462 against the greenback with 1.068 seen as the next downside target level. The greenback-loonie pair closed yesterday’s trading at 1.0396.
Against the euro, the Canadian dollar plummeted during early European session on Friday. As of now, the loonie is trading at a fresh multi-month low of 1.3572 against the euro, compared to Thursday’s closing value of 1.3456. If the loonie weakens further, it may likely target the 1.380 level.
Investors now await Canada’s leading indicators report for June, which is due at 8:30 am ET.
The U.S. CPI for June, Treasury Department’s report on the flows of financial instruments into and out of the U.S. for April and the preliminary report of the Reuters/University of Michigan’s consumer sentiment survey for July are also slated for release in the New York session.
