- USD / CAD is trading in negative territory on Friday.
- WTI is holding onto gains above $ 45 after Thursday’s correction.
- The US Dollar Index struggles to find direction ahead of Wall Street’s opening bell.
The pair USD / CAD It posted small daily gains on Thursday but started to decline on Friday as rising oil prices helped the commodity-sensitive Canadian dollar find demand. At time of writing, the pair was down 0.15% on the day at 1.2993.
WTI recovers $ 45 after Thursday’s crash
After closing the previous six days in positive territory and gaining more than 10% during that period, the West Texas Intermediate (WTI) barrel made a technical correction and lost 1.9% on Thursday. With the market sentiment relatively upbeat, as reflected by a 0.25% rise in S&P 500 futures, the WTI turned north on Friday and was last seen gaining 0.63% at $ 45.25.
On the other hand, the US Dollar Index remains flat near 92.00 on Friday in the absence of significant fundamental drivers and allows crude oil prices to continue to impact USD / CAD movements.
Market action is likely to remain subdued in the second half of the day, as the US equity and bond markets will close early due to the Thanksgiving holiday.
On a weekly basis, the USD / CAD appears to close in negative territory for the second time in a row.
Technical levels
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