News Column

Canadian Dollar Slides As Oil Prices Fall

July 28, 2014

CANBERA (Alliance News) - The Canadian dollar fell against its major rivals on Monday's European deals, as oil prices slipped despite geopolitical tensions in several parts of the globe.

Crude for September delivery fell USD0.80 to USD101.29 per barrel.

At least 13 people were killed in clashes between pro-Russian rebels and government forces in Ukraine on Sunday. More sanctions are expected to be imposed on Russia by the West over its support in the conflict.

In an emergency meeting, the U.N. Security Council called for "an immediate and unconditional humanitarian cease-fire in Gaza." The Security Council urged Israel and Hamas "to accept and fully implement the humanitarian cease-fire into the Eid period and beyond."

Meanwhile, the Israeli Defence Forces said that Hamas fired a rocket from Gaza today, which was exploded in an open vicinity in the Ashkelon area.

The loonie declined to 1.0817 against the greenback, heading to pierce last week's 5-week low of 1.0820. The next possible downside target for the loonie lies around the 1.09 zone.

The loonie fell to 1.0179 against the aussie, a level not seen since June 20. The loonie is likely to eye support around the 1.025 mark.

The loonie that ended last week's trading at 1.4526 against the euro slipped to a 1-week low of 1.4534. If the loonie continues its downtrend, it may find support at the 1.46 region.

The Canadian currency eased to 94.10 against the yen, from an early high of 94.29. On the downside, 93.5 is seen as the next possible downside target for the loonie-yen pair.

Looking ahead, Markit's US preliminary services PMI for July and pending home sales for June are to be released in the New York session.

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Source: Alliance News

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