Canadian Dollar Weakens As Oil Prices Fall
2024-10-10
3435
(fxcue news) - The Canadian dollar declined against its most major counterparts in the New York session on Friday, as oil prices dropped on concerns about slowing demand from China.
Official data showed that China's economy grew 4.6 percent in Q3, slowing from 4.7 percent annual growth in the previous quarter and falling below the official 5 percent target for 2024.
While industrial production and retail sales grew more than expected in September, new home prices fell at the fastest pace since May 2015, underscoring weakness in the housing sector.
Meanwhile, China's major commercial banks have cut their deposit rates for a second time this year after officials lowered mortgage and lending rates as part of efforts to boost the economy.
On the geopolitical front, tensions persist after Hamas leader Yahya Sinwar was killed during an operation by Israeli soldiers in the Palestinian enclave on Wednesday.
Lebanon's Hezbollah militant group said today it was moving to a new and escalating phase in its war against Israel while Iran said "the spirit of resistance will be strengthened".
The loonie fell to a 3-day low of 1.3810 against the greenback and 2-day lows of 1.4995 against the euro and 108.27 against the yen, off its early highs of 1.3785, 1.4937 and 108.93, respectively. The currency is likely to locate support around 1.41 against the greenback, 1.51 against the euro and 106.00 against the yen.
Meanwhile, the loonie recovered to 0.9246 against the aussie, from an early 3-day low of 0.9267. The currency is poised to challenge resistance around the 0.90 level.
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