Canadian dollar at 12-1/2 year lows on free fall Oil prices
Loonie was down 0.34% trading at C$1.4241against the greenback, after hitting the intraday low of C$1.4247 - a level last seen in May 2003. Oil prices remain the primary risk for CAD, as both WTI and Brent flirt with Thu…
Loonie was down 0.34% trading at C$1.4241against the greenback, after hitting the intraday low of C$1.4247 - a level last seen in May 2003.
Oil prices remain the primary risk for CAD, as both WTI and Brent flirt with Thursday's fresh multi-year lows.
WTI futures were down 5.34%, trading at $31.39 per barrel, while Brent contracts slumped 6.14% to $31.49 per barrel.
Moreover, Canadian housing starts dropped to 172,965 units in December on a seasonally adjusted annual basis, according to the Canada Mortgage and Housing Corporation.
Meanwhile, the BoC said in its winter survey that Canadian business hiring and investment plans had deteriorated to the lowest level since 2009, as business sentiment continues to deteriorate on the effects of the oil price shock spilling beyond the resource sector.
To the topside, Resistance levels are seen at 1.4285, 1.4355 and 1.4466 levels.
Alternatively, support levels are seen at 1.4174, 1.4104 and 1.3993 levels.
