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Canadian Dollar Falls As Oil Prices Slide

The Canadian dollar weakened against its major opponents in the European session on Friday amid a slide in oil prices.

The oil prices slipped as traders await U.S. growth data due today for clues about the health of the world's biggest economy. Economists expect GDP to have grown at an annual rate of 1.9% in the third quarter.

Crude for November delivery fell 0.87 cents or 1.01 percent to $85.18 per barrel at 5:14 am ET.

Disappointing earnings results from U.S. last night also dented investor sentiment.

The loonie that ended yesterday's deals at 0.9950 against the greenback fell 0.25 percent and hit a 3-day low of 0.9975. The next support level for the loonie is seen at parity.

Against the yen, the loonie lost ground, hitting a 2-day low of 80.16. On the downside, the loonie is likely to break 79.8 level.

Japan's consumer prices declined for a fifth successive month in September, data released by the Ministry of Internal Affairs and Communications showed today.

The core consumer price index fell 0.1 percent year-on-year in September compared with forecasts for a 0.2 percent drop.

The loonie declined to as low as 1.2910 against the euro from yesterday's American session close of 1.2871. If the loonie falls further, it may break 1.295 level.

An indicator of economic activity in Eurozone declined in September, diminishing prospects for a sustained recovery in the near-term, the Conference Board said in a report today.

The leading economic index (LEI) for euro area decreased 0.4 percent month-on-month to 104.9 in September. This follows a 0.5 percent increase in August and 0.1 percent rise in July.

Against the Australian currency, the loonie is worth 1.0308, after advancing to a 2-day high of 1.0270 in late Asian deals. The aussie-loonie pair closed Thursday's deals at 1.0297.

The University of Michigan's final consumer confidence data for October is due in American morning session.

by RTT Staff Writer

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