The Canadian dollar fell against its most major counterparts in the Asian session on Thursday, as an unexpected build in U.S. crude inventories and the continued surge in coronavirus cases in some parts of the world pushed down oil prices.
Crude for June delivery fell $0.23 to $65.09 per barrel.
Data from the Energy Information Administration showed on Wednesday that U.S. crude inventories rose by 594,000 barrels in the week to April 16 to 493 million barrels.
Analysts had expected inventories to drop by about 3 million barrels.
India recorded 314,835 new infections and 2,104 deaths on Thursday, forcing authorities in the worst affected state of Maharashtra to impose additional restrictions.
The Japanese government is considering to issue a third state of emergency in Tokyo and three western prefectures for about two weeks.
Organization of the Petroleum Exporting Countries and allies led by Russia, known collectively as OPEC+, are preparing for a largely technical meeting next week, at which the group may stick with the current strategy.
The loonie fell to 86.26 against the yen and 1.2513 against the greenback, from yesterday’s closing values of 86.44 and 1.2495, respectively. The loonie may challenge support around 84.00 against the yen and 1.26 against the greenback.
The loonie edged down to 1.5057 against the euro from Wednesday’s close of 1.5037. On the downside, 1.52 is possibly seen as its next support level.
In contrast, the loonie was up against the aussie, at 0.9682. The loonie may test resistance around the 0.95 region.
Looking ahead, the European Central Bank will announce interest rate decision at 7:45 am ET. The ECB is expected to hold its main refi rate at a record low zero percent and the deposit rate at -0.50 percent.
In the New York session, Canada new housing price index for March, U.S. weekly jobless claims for the week ended April 17 and existing home sales for March are scheduled for release.
Eurozone flash consumer sentiment index for April is set for release at 10:00 am ET.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.