Thursday, December 10, 2015

Canadian Dollar Stays Weak as Slide in Oil Continues

Canadian dollar remains the weakest major currency this week as the slide in crude oil continued. WTI crude oil reached as low as 36.38 as recent down trend continues and that pushes USD/CAD to as high as 1.3654 so far today. The fall in oil price is a result of worries over further supply growth s OPEC data showed productions rose to the highest level since April 2012, at 31.7m barrels per day. Meanwhile, there is continuous worry over China's slowdown that could lower the demand for commodities. AUD dollar was lifted by employment data yesterday but the strength was brief. AUD rebound was limited below recent resistance at 0.738/9 and weakens notably today. 

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