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Canadian Dollar Slips Towards C$1.39 Against The US Dollar Amid Oil, Trade Headwinds, Rosenberg Research Says

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The Canadian dollar has weakened back towards C$1.39 as lower oil prices and renewed US-Canada trade tensions weigh on the currency, according to Rosenberg Research in a Thursday note.

WTI oil price fell 1.4% to around $81 a barrel amid reports of progress in Iran-Oman talks that could open a temporary shipping route and enable mine clearance in the Strait of Hormuz, said Rosenberg Research.

The Canadian dollar is now around C$1.39, just a week after testing C$1.37, with the 50-day moving average near C$1.4050 the next key technical level to watch, added Rosenberg.

With Canada holding firm in its trade dispute with the US, further punitive measures from President Donald Trump remain a key downside risk for the Canadian dollar, according to Rosenberg.

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