- USD / CAD is moving within a relatively tight range on Friday.
- WTI gains traction and advances above $ 61.00 before the American session.
- The US Dollar DXY Index remains below 93.00 ahead of the March jobs report.
The pair USD / CAD is fluctuating within a narrow range on Fridayas trading action remains subdued due to the Easter holidays. At time of writing, the pair is up 0.13% on the day at 1.2563.
The focus shifts to the US NFP report.
On Thursday, USD / CAD closed in negative territory as falling US Treasury yields weighed heavily on the USD. Reflecting the widespread weakness of the US dollar, the DXY index lost 0.3% and closed below the 93.00 level.
Prior to Release of NFP Nonfarm Payroll Report from the U.S. Bureau of Labor Statistics, which expected to show an increase of 647,000 new jobs in non-farm employment, the DXY index is moving sideways around 92.90. However, the market reaction is likely to remain silent amid the lack of volume.
On the other hand, Crude oil prices are rising sharply after the 15th OPEC meeting +. Although producers agreed to gradually increase oil production over the next three months, they maintained a cautious stance regarding the demand outlook. Currently, a barrel of West Texas Intermediate WTI is trading at $ 61.25, up 3.07% on the day.
USD / CAD technical levels
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