The Canadian dollar edged sharply lower against its major rivals in early trading on Wednesday as crude oil retraced back from its recently hit multi-month peak level ahead of weekly crude oil inventories data.
Light sweet crude oil for February delivery is presently quoted at $90.92 a barrel, down $0.57 a barrel from its previous close of $91.49 a barrel in New York on Tuesday. Oil reached as high as $91.53 earlier in the day.
Traders are expecting the crude oil inventories data from the American Petroleum Institute later in the day and the closely watched data from the Department of Energy on Thursday. Both are one day later than normal due to the Christmas holiday.
Last week, the EIA revealed crude oil inventories dipped by 5.30 million barrels, while gasoline stocks moved up by 2.4 million barrels in the week ended December 17. Analysts were expecting crude oil inventories to move down by 3.4 million barrels and gasoline stocks to move up by 1.5 million barrels.
American Petroleum Institute’s last week data showed that crude oil inventories fell by 5.80 million barrels and gasoline stocks declined 2.91 million barrels.
The Canadian dollar slipped to a 6-day low of 81.82 against the yen before holding steady around 7:25 am ET. The loonie-yen pair is presently worth 81.96 and the pair is likely to test support around the 81.70 level and a move below this point could set its weakest mark in nearly a month.
Against the Australian dollar, the Canadian currency slipped to a 6-day low of 1.0177 at this time and a further downtrend could set to breach its last week’s 1-1/2 month low of 1.0202. The aussie-loonie pair is presently quoted at 1.0155.
The Canadian dollar that reached a fresh multi-month high of 1.3094 against the euro around 3:50 am ET pulled back shortly and hit as low as 1.3206 before recouping some losses around 7:25 pm ET. The euro-loonie pair is presently trading at 1.3166.
The Canadian dollar also moved in a similar fashion against the US dollar, retreating from a new multi-month high of 0.9977 around 3:25 am ET to reach as low as 1.0058 after four hours. The greenback-loonie pair is presently quoted at 1.0020.
Pretty nice post. I just stumbled upon your blog and wished to say that I’ve really enjoyed surfing around your blog posts.
In any case I will be subscribing to your rss feed and I hope you write again soon!
What’s up everyone, it’s my first pay a visit at this web page, and paragraph is in fact fruitful for me, keep
up posting these articles.
Good day! I know this is kinda off topic however I’d figured I’d ask.
Would you be interested in trading links or maybe guest writing a blog post or vice-versa?
My blog addresses a lot of the same topics as yours and I feel we could greatly benefit from each other.
If you’re interested feel free to send me
an email. I look forward to hearing from you! Fantastic blog by the way!
We are a group of volunteers and starting a new scheme in our community.
Your web site provided us with valuable information to work on. You’ve done a formidable job and our whole community will be grateful to you.
Good blog you have got here.. It’s hard to find excellent
writing like yours these days. I truly appreciate people like
you! Take care!!
Tremendous issues here. I am very satisfied to see your
article. Thanks a lot and I’m taking a look ahead to touch you.
Will you please drop me a e-mail?
Wow, this post is fastidious, my sister is
analyzing such things, so I am going to tell her.
I read this article fully on the topic of the difference of most up-to-date and previous technologies, it’s remarkable article.
What’s up, yeah this piece of writing is genuinely fastidious and I
have learned lot of things from it about blogging. thanks.
hello!,I like your writing so much! share we be in contact extra approximately your post on AOL?
I require a specialist in this house to resolve my problem.
May be that is you! Having a look ahead to peer you.