Prime News: Canadian dollar falls as oil prices still steady amid oversupply woes

The Canadian dollar was flat against the US dollar Tuesday, as crude oil price remained stable despite oversupply worries.

US oil prices dismissed the challenges from disappointing Chinese data, Saudi Arabia’s remarks regarding productions nearing an all-time high, and a poll leading to escalating US crude stocks.

The loonie ended at C$1.2501 per greenback or 79.99 US cents, from Monday’s C$1.2499 or 80.01 US cents.

This week, the currency “is reflecting some optimism about oil prices… a lot of bad news hitting oil and it’s holding in there,” said Adam Button, Currency Analyst at ForexLive.

Meanwhile, markets will await a speech by Bank of Canada Governor Stephen Poloz Thursday.

The material has been provided by InstaForex Company – www.instaforex.com

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