Search ForexCrunch
  • USD/CAD is struggling to find direction on Friday.
  • US Dollar Index stays below 97.50 ahead of key data releases.
  • WTI posts modest daily losses, trades below $39.

The USD/CAD pair is fluctuating in a tight range for the second straight day on Friday. After advancing to a session high of 1.3663, the pair pares its gains and was last seen trading near 1.3640, where it was virtually unchanged on a daily basis.

DXY goes into consolidation on Friday

Investors seem to be opting out to stay on the sidelines ahead of key macroeconomic data releases from the US. In its monthly report, the US Bureau of Economic Analysis (BEA) will release Personal Spending and Personal Income figures for May. Later in the day, the University of Michigan’s (UoM) Consumer Sentiment Index for June (final) will be featured in the economic docket as well.

Ahead of these data releases, the US Dollar Index (DXY), which closed the previous two days in the positive territory, is posting small daily losses at 97.35.

Meanwhile, the barrel of West Texas Intermediate (WTI) seems to be having g a difficult time building on Thursday’s gains amid worries over the growing number of coronavirus cases negatively impacting the demand outlook. With the WTI trading in the red below $39, the commodity-sensitive loonie struggles to gather strength the USD. Baker Hughes’ weekly US Oil Rig Count data could be the last catalyst for the WTI ahead of the weekend.

Technical levels to watch for