- USD / CAD reached its highest level since January at 1.2949 on Friday.
- Crude prices operate in negative territory.
- The US Dollar Index consolidates weekly gains above 93.60.
The pair USD / CAD it extended its rally and touched its strongest level since January at 1.2949 during European business hours. At the start of the US session, the pair pulled back modestly and was last seen rising 0.48% on the day to 1.2891.
Since the beginning of the week, the strong selling pressure surrounding crude oil prices and the relentless strength of the USD allowed the pair to maintain its bullish momentum. Currently, a barrel of West Texas Intermediate is down nearly 7% weekly at $ 62.75, losing 1.75% on the day. On the other hand, the US dollar index is consolidating its gains near the 9-month high it set at 93.72 earlier in the day.
Data released by Statistics Canada on Friday showed that retail sales rose 4.2% month-on-month in June. Although this reading was slightly weaker than the market’s expectation of a 4.4% increase, it failed to trigger a notable market reaction.
Technical levels
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