- USD / CAD is still on track to post weekly gains.
- WTI falls for the third day in a row on Friday.
- The US Dollar Index is set below 93.00 after the mid-level data.
After falling towards 1.3100 during European trading hours, the pair USD / CAD it turned south in the second half of the day and rose to a new weekly high of 1.3172. At time of writing, the pair was up 0.17% on the day at 1.3162. On a weekly basis, USD / CAD is still on its way to close higher than 100 pips.
WTI extends decline for third day in a row
Crude oil’s poor performance appears to be making it difficult for the commodity-related Canadian dollar to remain resilient against its US counterpart in the second half of the week. Following the impressive rally seen at the start of the week, the West Texas Intermediate (WTI) barrel remains on track to close the third consecutive week in negative territory and was last seen shedding 1.2% at $ 40.40.
On the other hand, the US Dollar Index (DXY) remains in negative territory below 93.00 on Friday, keeping the USD / CAD rally limited for the time being. Although the DXY struggled to maintain its bullish momentum in the second half of the week, it is still up around 0.6% on the week.
Earlier in the day, data released by the US Bureau of Labor Statistics showed that the Leading Producer Price Index (PPI) in October fell to 1.1% annually. Additionally, the University of Michigan Consumer Confidence Index fell to 77 in November, disappointing the market’s expectation of 82 by a wide margin. However, the market reaction to this data was silent.
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