Canadian dollar drops as oil prices fall – Crypto News Today

The Canadian dollar fell against its major counterparts on Monday as oil prices fell ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies to review current pricing policy.

Crude for March delivery fell $0.82 to 78.87 a barrel.

Investors are waiting for the OPEC meeting which will take place on February 1st. The cartel is unlikely to alter its output amid improving oil prices in recent weeks.

The Fed will hold its policy meeting from January 31 to February 1, when it is expected to move to a 0.25% increase in interest rates.

All eyes are on the attached statement for clues about the prospects for further rate hikes.

The loonie fell to 4-day lows of 1.4533 against the euro and 1.3354 against the greenback, after early highs of 1.4450 and 1.3299, respectively. The next possible support for the loonie is around 1.47 against the euro and 1.36 against the greenback.

The loonie slipped to a 4-day low at 96.99 against the yen, after a nearly 2-week high at 97.87. On the downside, 92.00 is perhaps seen as the next level of support for the Loonie.

In contrast, the loonie was against the Aussie, at a 5-day high at 0.9438. If the loonie appreciates further, it could put the resistance around the 0.92 level.

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