The USD/CAD pair maintained its offered tone heading into the North American session and was last seen trading near the daily low, around the 1.3000 psychological mark.
The Canadian dollar may have benefited from the rise in oil prices, but Bank of Canada Deputy Governor Toni Gravelle suggests oil prices are having a diminishing impact on the currency.
The pair witnessed some selling on the last day of the week and extended the overnight modest pullback from the 1.3075 region, or its highest level since November 2020. Crude oil prices edged higher for the third successive day and underpinned the commodity-linked loonie.
Meanwhile, the US dollar is trading with a modestly negative bias as traders book profits and square positions into the weekend.
Next week Canada will release the monthly Consumer Price Index and ee are bearish on the Loonie for next week.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.