Search ForexCrunch
  • WTI continues to trade below $57 on Friday.
  • Retail sales in the US increased more than expected in October.
  • US Dollar Index continues to move sideways above the 98 handle.

The USD/CAD pair started the last day of the week under modest bearish pressure and fell to a daily low of 1.3217 but didn’t have a difficult time recovering its losses as the lack of significant fundamental drivers allows the pair to move technically. As of writing, the pair was virtually unchanged on the day at 1.3245.  

Crude oil prices, which usually impact the commodity-sensitive CAD’s market valuation, stay indecisive on Friday with the barrel of West Texas Intermediate moving sideways below the $57 mark and make it difficult for the pair to find direction.

DXY extends consolidation above 98

On the other hand, the data from the US on Friday showed that retail sales in October increased by 0.3% to come in slightly better than the market expectation of 0.2% but was largely ignored by the participants. At the moment, the US Dollar Index is posting small daily losses at 98.10.

Later in the session, the Federal Reserve’s Industrial Production and Capacity Utilization data will be looked upon for fresh impetus but are unlikely to cause the pair, which remains on track to finish the week flat, to react sharply.  

Technical levels to consider