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.
I enjoy reading through an article that can make men and women think.
Also, thank you for allowing for me to comment!
I have been exploring for a little for any high-quality
articles or weblog posts in this kind of house . Exploring in Yahoo I ultimately stumbled
upon this web site. Reading this info So i am glad to convey that I’ve an incredibly excellent uncanny feeling I found out
exactly what I needed. I such a lot for sure will make certain to do
not put out of your mind this website and provides it a glance regularly.
If you were able to contact your psychic at one telephone number, yet it is
suddenly inactive, or if their email address continuously changes, you may be handling a hustler.
Good day I am so happy I found your web site, I really found you by accident, while I was looking
on Aol for something else, Anyways I am here now and would just like to say many
thanks for a incredible post and a all round thrilling blog (I
also love the theme/design), I don’t have time to
browse it all at the moment but I have bookmarked it and also added your RSS feeds,
so when I have time I will be back to read more, Please do keep up the excellent work.
For that reason, we concentrated on 7 main psychic cares: astrology, numerology,
tarot, desire analysis, spiritual support, past-life readings and also family pet readings.
A psychic reading will certainly offer you support and also insight
and also at the end of the day it will certainly be your choice to use your choices and make changes in your life.
They essentially give you ideas for the game.
Saved as a favorite, I really like your blog!
Buffs were quick to point out that, despite the preview being an official Marvel release, it really includes no new footage.
Hello, I read your blog daily. Your humoristic style is witty, keep up the good work!