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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