The Canadian dollar declined against its major rivals in early New York deals on Tuesday, as metal prices fell in the wake of a strengthening dollar that was underpinned by receding worries about Hurricane Irma and North Korea.
Oil prices retreated ahead of the weekly report from the American Petroleum Institute on stock piles. Economists widely expect the US crude stocks to have risen by 10.1 million barrels last week.
Crude for October delivery fell $0.10 to $47.97 per barrel.
Ebbing demand for safe-haven assets weighed on gold prices. Stocks rallied after Hurricane Irma caused less damage than expected, and as tensions around North Korea eased.
The U.N. Security Council stepped up a fresh round of sanctions on Korea in a bid to starve the North over its sixth nuclear test.
The measure curbs all textile exports and restrict shipments of oil products to Pyongyang.
The loonie showed mixed performance in the European session. While the currency fell against the greenback and the aussie, it rose against the yen and the euro.
The loonie edged down to 1.2159 against the greenback, off its early 4-day high of 1.2082. Continuation of the loonie’s downtrend may see it challenging support around the 1.24 region.
The loonie reversed from an early nearly 5-month high of 1.4466 against the euro, weakening to 1.4523. If the loonie weakens further, 1.475 is possibly seen as its next support level.
The loonie dropped to 0.9754 against the aussie, after having advanced to a 6-day high of 0.9694 at 10:15 pm ET. The next possible support for the loonie is seen around the 0.99 area.
On the flip side, the loonie held steady against the yen, following a 2-1/2-year high of 90.67 hit at 2:45 am ET. The pair finished Monday’s trading at 90.32.
The material has been provided by InstaForex Company – www.instaforex.com