- USD / CAD is down for the fourth day in a row on Friday.
- WTI is trading at new multi-year highs above $ 82.
After closing the previous three trading days in negative territory, the pair USD / CAD it extended its slide on Friday and hit its lowest level since early July at 1.2336 before entering a consolidation phase. At time of writing, the pair was down 0.15% on the day at 1.2349.
Rising crude oil prices continue to give the Canadian dollar a commodity-related boost ahead of the weekend. A barrel of West Texas Intermediate (WTI) is currently trading at its highest level in nearly four years at $ 82, rising 0.7% on the day.
On the other hand, the risky positive market environment makes it difficult for the dollar to strengthen on Friday despite a 2% rebound seen in 10-year US Treasury yields. Currently, the US Dollar Index is recording small losses around 93.90, which does not allow the USD / CAD to gain traction.
Meanwhile, the major Wall Street indices are still on track to open higher after Thursday’s rally with US stock index futures climbing between 0.25% and 0.42%.
Later in the session, the US Census Bureau will release retail sales data for September. The preliminary University of Michigan Consumer Sentiment Index for October will also be included in the US economic record.
Technical levels
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