News Column

Canadian Dollar Slides As Oil Prices Decline

July 14, 2014

CANBERA (Alliance News) - The Canadian dollar weakened against most major currencies ahead of the European session on Monday, as oil prices declined as worries over potential supply disruptions in the Middle East continued to subside.

Crude oil for August delivery fell USD0.38 to USD100.45 a barrel.

Libya entered into a deal recently with rebels occupying oil ports under terms that would have insurgents give up control over terminals that have been closed for a year. It also includes 500,000 barrels per day of crude back into the global energy market.

The Canadian dollar fell to nearly a 3-week low of 1.0746 against the US dollar, 2-week low of 1.4651 against the euro and nearly a 2-week low of 1.0100 against the Australian dollar, from early highs of 1.0726, 1.4590 and 1.0059, respectively. If the loonie extends its downtrend, it is likely to find support around 1.08 against the greenback, 1.47 against the euro and 1.02 against the aussie.

At 1:00 pm ET, European Central Bank President Mario Draghi will deliver a speech before the Committee on Economic and Monetary Affairs of the European Parliament in Strasbourg, France.

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Source: Alliance News

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