Canadian Dollar Falls As Crude Oil Prices Slide
(RTTNews) - The Canadian dollar weakened against other major currencies in the European session on Tuesday, as oil prices fell after having jumped more than 4 percent in the previous session amid ongoing uncertainty over talks between the United States and Iran to end their war and reopen the Strait of Hormuz.
Brent crude futures for August delivery were down 1.7 percent at $93.35 a barrel, while WTI crude futures for July delivery fell 1.6 percent to $90.65.
Investors assessed mixed signals over the status of peace talks after Iran suspended indirect negotiations with the U.S. in protest of Israel's actions in Lebanon.
Contradicting that claim, U.S. President Donald Trump said talks with Iran were continuing at a rapid pace and that Israel and Hezbollah have agreed to dial back fighting.
The Lebanese government announced that a limited ceasefire has been reached between Israel and Iranian-backed Hezbollah.
However, fighting continues in southern Lebanon, keeping the situation fluid.
In the European trading today, the Canadian dollar fell to nearly a 4-week low of 1.6132 against the euro, nearly a 3-week high of 0.9949 against the Australian dollar and a 5-day low of 1.3855 against the U.S. dollar, from early lows of 1.6099, 0.9905 and 1.3836, respectively. If the loonie extends its downtrend, it is likely to find support around 1.62 against the euro, 1.00 against the Australian dollar and 1.39 against the U.S. dollar.
Against the yen, the loonie edged down to 115.29 from an early low of 115.45. On the downside, 114.00 is seen as the next support level for the loonie.
Looking ahead, U.S. Redbook report and U.S. RCM/TIPP economic optimism index for June are slated for release in the New York session.
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