The Canadian dollar was weaker against the U.S. dollar on Tuesday
The Canadian dollar was weaker against the U.S. dollar on Tuesday after soft production statistics and decreasing oil prices erased profits from the prior semester.
Canadian production sales dropped abruptly to -1.3percent in July compared to a revised drop of -1.4percent in the previous month because of automobile and metal plant shutdowns.
Meanwhile, decreasing oil prices also weighed on the loonie, which can be closely connected to the amount of crude. Reuters noted that Saudi Arabia's oil production can be restored to normal levels quicker than believed.
An assault on Saudi oil fields within the week crippled almost 5 percent of global oil production, increasing fears of a worldwide economic downturn and raising pressures between the U.S. and Iran.
Elsewhere, the Japanese yen, that can be regarded as a safe haven in times of market turmoil, dropped, with USD/JPY upward 0.1percent 108.25. The U.S. dollar index, which measures the greenback's strength against a basket of six big currencies, dropped 0.2percent to 97.982.
The Irish foreign ministry stated that Ireland will not subscribe to permanent border checks and advised the U.K. to think of a solution. EUR/USD was also greater, gaining 0.4percent to 1.1044.