The Canadian dollar extended its recent downtrend against major currencies in early New York trading on Wednesday despite a rally in crude oil prices as traders flee from riskier currencies amid escalating tensions in Libya.
Libya holds Africa’s largest oil reserves and is the continent’s fourth largest producer and is an OPEC member, the cartel that produces about 40 percent of global supplies.
Although only a small part of Libya’s oil production appeared to be affected by the unrest so far, traders fear that similar revolts will spread to other Middle East oil producers and hurt global economic growth.
Light Sweet Crude Oil futures for April delivery rose to $96.77 a barrel, up $1.35 from yesterday’s close. On Tuesday, the oil surged over 6 percent on Middle East tensions to settle at $95.42.
The loonie reached a 13-day low of 1.3639 against the euro and 83.28 against the yen around 9:30 am ET, down from yesterday’s closing values of 1.3528 and 83.58, respectively. On the downside, the Canadian currency may target support levels at 82.80 against the yen and 1.3660 against the euro.
Eurozone industrial new orders rose 2.1% month-on-month in December, the European Union statistical agency Eurostat said today. Economists had forecast a decline of 1% following a revised 2.2% increase in November.
Compared to December 2009, industrial orders were up 18.5% in the final month of 2010. That beat an expected growth of 16.2%. In November, orders surged 20%.
Against the US dollar, the Canadian dollar fell to a 12-day low of 0.9940 around 9:10 am ET and this may be compared to yesterday’s close of 0.9909. If the loonie weakens further, 0.9990 is seen as the next likely target level. The pair is presently trading at 0.9930.
Looking ahead in the data front across the boarder, the National Association of Realtors is scheduled to release its report on existing home sales for January at 10:00 AM ET. Economists estimate existing home sales of 5.25 million for the month after posting a rate of 5.28 million for December.
Thanks for finally talking about >Canadian Dollar Extends Slide Against Majors <Loved it!
This can be a little more expensive to do and is definitely something that
you want to check out with each of the companies before making your final decision about who to hire.
In such training, you are taught how to handle the harmful goods.
For large developments a transport assessment is required and for
smaller developments a transport statement is required.
If you’re seeking something different than what everybody one
else on the block has, estate sales are a sure fire method to offer your property
a distinctive appearance that will make friends and family
jealous as well as thinking you have actually spent a lot of money.
Have you ever considered about including a little bit more
than just your articles? I mean, what you say is important and everything.
But just imagine if you added some great pictures or video clips to give your posts more,
“pop”! Your content is excellent but with images and clips, this website could certainly be one of the very
best in its field. Good blog!
From what I could see above, the doctor has actually not replied to any type of requests in practically 2 years.
Pretty great post. I simply stumbled upon your blog and wanted to mention that I’ve truly
loved surfing around your blog posts. In any case I’ll be subscribing for your rss
feed and I’m hoping you write again very soon!
My spouse and I stumbled over here different website and thought I might as well check things out. I like what I see so now i am following you. Look forward to checking out your web page for a second time.
Amazing things here. I’m very satisfied to look your post.
Thank you a lot and I am having a look ahead to touch you.
Will you kindly drop me a e-mail?
Greate article. Keep posting such kind of info on your page. Im really impressed by it.
Hey there, You have performed a fantastic job. I’ll definitely digg it and individually suggest to my friends. I am sure they will be benefited from this web site.
Very nice post. I just stumbled upon your weblog and wanted to say that I’ve
really enjoyed surfing around your blog posts.
In any case I’ll be subscribing to your feed
and I hope you write again very soon!