USD/CAD struggles to hold above 1.3000 as WTI trades in green above $45

The USD/CAD pair registered small daily gains on Thursday but started to edge lower on Friday as the rising crude oil prices helped the commodity-sens  |  27/11/2020 13:04
  • USD/CAD trades in the negative territory on Friday.
  • WTI clings to gains above $45 following Thursday's correction.
  • US Dollar Index struggles to find direction ahead of Wall Street's opening bell.

The USD/CAD pair registered small daily gains on Thursday but started to edge lower on Friday as the rising crude oil prices helped the commodity-sensitive loonie find demand. As of writing, the pair was down 0.15% on a daily basis at 1.2993.

WTI reclaims $45 after Thursday's slump

After closing the previous six days in the positive territory and gaining more than 10% during that period, the barrel of West Texas Intermediate (WTI) staged a technical correction and lost 1.9% on Thursday. With the market mood remaining relatively upbeat, as reflected by a 0.25% increase in the 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 stays flat near 92.00 on Friday in the absence of significant fundamental drivers and allows crude oil prices to continue to impact USD/CAD's movements.

The market action is likely to stay subdued in the second half of the day as the US stock and bond markets will close early due to the Thanksgiving Day holiday.

On a weekly basis, USD/CAD looks to close in the negative territory for the second consecutive time. 

Technical levels to watch for

 

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