Canadian Dollar Lower As Oil Prices Drop
December 20 2021 - 4:11AM
RTTF2
The Canadian dollar lost ground against its major counterparts
in the European session on Monday amid falling oil prices, as a
rise in omicron cases in Europe and the United States stoked fears
of more restrictions that could dent fuel demand.
The Netherlands went into a strict lockdown and Ireland
announced a curfew ahead of the Christmas and New Year
holidays.
Germany, Austria and France tightened travel restrictions to
contain the spread of the new variant.
New Covid-19 infections hit a daily record for the third
consecutive day in the New York state.
President Joe Biden's chief medial adviser Anthony Fauci warned
that Omicron has an extraordinary capability of spreading and could
increase the burden on the hospital system in the coming weeks.
The loonie fell to a 4-day low of 0.9202 against the aussie,
4-month low of 1.2941 against the greenback and a 2-1/2-month low
of 1.4602 against the euro, off its previous highs of 0.9158,
1.2878 and 1.4476, respectively. The currency is likely to find
support around 0.94 against the aussie, 1.32 against the greenback
and 1.48 against the euro.
In contrast, the loonie rebounded to 88.06 against the yen,
after falling to 87.62 at 2:15 am ET, which was its lowest level
since October 1. The pair had ended last week's deals at 88.11.
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