Canadian Dollar Falls Amid Oil Prices Slide

The Canadian dollar weakened against most major currencies in the European session on Wednesday, as crude oil prices slide fell amid skepticism over the proposed output cut by the OPEC at November meeting and as U.S. stockpiles of crude rose.

Crude for December is currently down by 0.66 percent or $49.30 per barrel.

Data from the American Petroleum Institute or API, showed that the U.S. crude stocks rose by 4.8 million barrels this week.

Meanwhile, traders await the Official data by the Energy Information Administration (EIA) is due later on the day.

In the Asian trading today, the Canadian dollar held steady against its major rivals.

In the European trading, the Canadian dollar fell to nearly a 2-week high of 1.4603 against the euro and a 2-day low of 77.85 against the yen, from early highs of 1.4519 and 78.18, respectively. If the loonie extends its downtrend, it is likely to find support around 1.48 against the euro and 76.00 against the yen.

Against the U.S. dollar, the loonie dropped to 1.3367 from an early high of 1.3332. On the downside, 1.35 is seen as the next support level for the loonie.

Meanwhile, the loonie fell to a 2-1/2-year high of 1.0286 against the Australian dollar, from an early high of 1.0183 and held steady thereafter.

Looking ahead, U.S. advances goods trade balance for September, wholesale inventories for September, Markit's U.S. flash PMI reports for October, U.S. home sales data for September, and U.S. crude oil inventories data are set to be published in the New York session.