Canadian Dollar Falls Against U.S., Australian Dollars
November 22 2023 - 6:05AM
RTTF2
The Canadian dollar declined against the U.S. and Australian
counterparts in the European session on Wednesday, as oil prices
dropped after the Organization of Petroleum Exporting Countries
postponed a meeting to decide on output cuts.
Crude for January delivery fell $3.41 to 74.36 per barrel.
The meeting has been delayed to November 30 amid Saudi's
dissatisfaction with the oil production levels of other member
countries of the group.
A stronger dollar also weighed on prices. The dollar rebounded
from 2-1/2-month low after the FOMC (Federal Open Market Committee)
meeting minutes largely reaffirmed the U.S. central bank's more
cautious stance on interest rates.
Minutes from the Fed's last rate-setting meeting showed
officials expect to keep interest rates at a restrictive level for
"sometime" and raise interest rates if progress in controlling
inflation faltered.
The loonie touched 1.3765 against the greenback, setting a 5-day
low. Next key support for the currency is possibly seen around the
1.40 level.
The loonie eased to 0.9012 against the aussie, from an early
2-day high of 0.8954. The loonie may locate support around the 0.92
mark.
In contrast, the loonie rose to a 2-day high of 108.82 against
the yen and a 5-day high of 1.4932 against the euro, off its early
lows of 108.04 and 1.4986, respectively. The next possible
resistance for the currency is seen around 113.00 against the yen
and 1.47 against the euro.
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