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Canadian Dollar Weakens Amid Risk Aversion
(RTTNews) - The Canadian dollar fell against its most major counterparts in the European session on Monday, as European shares fell amid higher U.S. bond yields and caution ahead of major tech earnings.
The yield on the US 10-year note advanced to 4.99% and oil slipped to $87.49 a barrel.
The surge in long-term bond yields reflected the view that the Federal Reserve will keep rates higher for longer.
On geopolitical front, U.S. Defense Secretary Lloyd Austin said on Saturday that Washington would deliver more military aid to the Middle East to support Israel and warned of a significant risk of attacks on its troops and people throughout the region.
Investors awaited Fed Chair Powell's speech on Wednesday as well as the ECB interest rate decision on Thursday for clues on the policy outlook.
The loonie dropped to a 4-day low of 1.3736 against the greenback and a multi-week low of 1.4566 against the euro, from its early highs of 1.3692 and 1.4498, respectively. The next possible support for the loonie is seen around 1.385 against the greenback and 1.47 against the euro.
The loonie eased to 109.12 against the yen and 0.8661 against the aussie, off its early highs of 109.39 and 0.8631, respectively. The loonie is poised to challenge support around 106.00 against the yen and 0.90 against the aussie.
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