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.
Hi to every one, the contents present at this web page are genuinely remarkable for people experience, well, keep up the good work fellows.
I’m impressed, I have to admit. Rarely do I come across a blog that’s both educative and entertaining, and without a doubt, you have hit the nail on the head. The problem is something which too few men and women are speaking intelligently about. I am very happy that I came across this during my hunt for something regarding this.
These are actually wonderful ideas in concerning blogging. You have touched some nice factors here. Any way keep up wrinting.
I’d incessantly want to be update on new content on this internet site, saved to bookmarks!
Spread bets and CFDs are products that are leveraged and can bring about losses that exceed remains.
Just desire to say your article is as astounding. The clarity on your publish is just excellent and i can assume you’re an expert in this subject. Well with your permission let me to clutch your RSS feed to stay updated with drawing close post. Thank you one million and please keep up the rewarding work.
Appreciation to my father who informed me regarding this weblog, this webpage is really awesome.
I’ve learn some excellent stuff here. Certainly price bookmarking for revisiting. I wonder how much attempt you put to create this sort of excellent informative site.
Hey this is somewhat of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance from someone with experience. Any help would be enormously appreciated!
Hi there, I enjoy reading through your article post. I wanted to write a little comment to support you.