(RTTNews) - The Canadian dollar declined an 8-day low against the Australian dollar, 1-week low against the greenback and a 2-day low against the euro in early trading on Wednesday as oil prices dropped. Oil fell but steadied below $79 today as an industry data showed a surprise rise in U.S. weekly crude inventory. Benchmark crude for February delivery was down 10 cents to $78.77 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added 10 cents to settle at $78.87 on Tuesday. The Canadian dollar dropped to an 8-day low of 0.9373 against the Australian dollar during Wednesday's early trading. The pair closed yesterday's deals at 0.9342. On the downside, 0.951 is seen as the next support level. Against the Japanese yen, the Canadian dollar declined during today's Asian deals. The loonie touched 87.66 against the yen around 12:15 am ET, down from Tuesday's close of 88.21. The next downside target for the loonie-yen pair is seen at the 86.69 level. The Canadian dollar edged down against its US counterpart during Wednesday's early deals and hit a 1-week low of 1.0520, compared to yesterday's close of 1.0437. If the loonie slides further, 1.063 is seen as the next downside target level. From U.S., the results of the Institute of Supply Management-Chicago's business survey for December are scheduled to be released at 9:45 am ET. Economists expect the business barometer index based on the survey to come in at 55.1. The Energy Information Administration is scheduled to release its weekly petroleum inventory report for the week ended December 25th at 10:30 am ET. The loonie also declined against the common currency of Europe and touched a 2-day low of 1.5068 by 12:10 am ET, with 1.532 seen as the next downside target level. The euro-loonie pair closed yesterday's deals at 1.4981. by RTT Staff Writer For comments and feedback: contact editorial@rttnews.com

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