Canadian Dollar Weakens On Falling Oil Prices
December 26 2021 - 10:58PM
RTTF2
The Canadian dollar declined against its most major counterparts
in the Asian session on Monday, as oil prices dropped following a
spike in Omicron cases across the globe, triggering worries about
more restrictions that could threaten the recovery in demand.
Despite indications that the Omicron variant is less severe than
the Delta strain, the number of cases would continue to surge due
to its high transmissibility, the U.S. chief medical adviser,
Anthony Fauci, said on Sunday.
Fauci warned about being optimistic regarding the severity of
the virus.
Data from Johns Hopkins University showed that new daily
infections averaged about 190,000 for the past seven days in the
United States.
In China, new daily cases rose to its highest level in 21
months, with infections more than doubling in the northwestern city
of Xian.
The loonie dropped to 1.2826 against the greenback and 1.4529
against the euro, off its early highs of 1.2803 and 1.4480,
respectively. The next possible support for the loonie is seen
around 1.30 against the greenback and 1.48 against the euro.
The loonie fell to 0.9274 against the aussie around 6:30 pm ET
and held steady thereafter. The pair had closed Friday's trading at
0.9258.
In contrast, the loonie rose against the yen, with the pair
worth 89.42. The loonie may locate resistance around the 92.00
level.
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Aug 2024 to Sep 2024
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Sep 2023 to Sep 2024