USD/CAD extends daily slide to 1.2130 area on USD weakness, rising oil prices

USD/CAD continues to push lower ahead of the American session.
US Dollar Index drops below 90.50, focus shifts to Retail Sales data.
WTI gains more than 1% following Thursday's sharp decline.

Eren Sengezer FXStreet

After closing the previous two days in the positive territory, the USD/CAD pair lost its traction on Friday and was last seen losing 0.23% on a daily basis at 1.2132.

USD remains on the back foot

On Wednesday, the broad-based USD strength provided a boost to the pair and the heavy selling pressure surrounding crude oil allowed it to continue to push higher on Thursday. At the moment, the barrel of West Texas Intermediate (WTI) is rising 1.15% on the day at $64.50, helping the commodity-sensitive loonie preserve its strength.

Meanwhile, Bank of Canada Governor Tiff Macklem said on Thursday if the Canadian dollar were to move a lot higher, it could have a material impact on the BoC's outlook and monetary policy settings. These comments put additional weight on the CAD's shoulders during the American trading hours.

On the other hand, the risk-positive market environment is hurting the safe-haven greenback ahead of the weekend. The US Dollar Index is currently losing 0.3% at 90.45.

Later in the session, Retail Sales, Industrial Production and UoM Consumer Sentiment Index from the US will be looked upon for fresh impetus. The Canadian economic docket will feature Manufacturing Sales and Wholesale Sales figures for March.

USD/CAD outlook

USD/CAD

Overview
Today last price	1.2131
Today Daily Change	-0.0032
Today Daily Change %	-0.26
Today daily open	1.2163

Trends
Daily SMA20	1.2323
Daily SMA50	1.2462
Daily SMA100	1.2588
Daily SMA200	1.285

Levels
Previous Daily High	1.2203
Previous Daily Low	1.2104
Previous Weekly High	1.2352
Previous Weekly Low	1.2122
Previous Monthly High	1.2654
Previous Monthly Low	1.2266
Daily Fibonacci 38.2%	1.2165
Daily Fibonacci 61.8%	1.2142
Daily Pivot Point S1	1.211
Daily Pivot Point S2	1.2058
Daily Pivot Point S3	1.2011
Daily Pivot Point R1	1.2209
Daily Pivot Point R2	1.2256
Daily Pivot Point R3	1.2308

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.