- USD/CAD slipped lower after pushing past 1.3150 on Friday.
- Declining crude oil prices weigh on CAD .
- US Dollar Index trades mildly lower 93.00.
After settling on Thursday in the positive territory, USD/CAD rallied to a weekly high of 1.3170 on Friday but lost momentum USD/CAD trades- 0.05% at 1.3133.
Oil rally slows in latter part of week
After shooting high at the start of the week, crude oil struggled to advance after OPEC revised its oil demand outlook lower for 2021. West Texas Intermediate declined on Wednesday and Thursday and edges lower today. WTI trades-0.7% at $40.65 but has lifted off its daily low of $40.15.
US Dollar Index (DXY) failed to close above 93.00 on Thursday remaining on the back foot on Friday. As a result, USD/CAD struggled to keep in positive territory.
The mildly upbeat mood in the market reflected by the 0.7% gain in the S&P 500 futures drags on the safe-haven USD. Currently DXY trades -0.1% at 92.88. Looking ahead Producer Price Index (PPI) for October and the University of Michigan Consumer Sentiment Index for November.