USD/CAD reverses and erases losses despite crude rally

Matías Salord FXStreet

USD/CAD rose almost a hundred pips during the last three hours despite the fact that crude oil prices remain near daily highs, consolidating a gain of more than 7%. The OPEC meeting is over and now officials are giving a press conference.

The pair reversed its trend amid a stronger US dollar and after the agreement in the OPEC to cut oil output. Earlier it bottomed at 1.3355 and has just printed a fresh daily high at 1.3459. It was trading at 1.3445/50, marginally higher for the day. The WTI barrel reached a fresh high at $49.00 and it was up 8.30% for the day so far.

Buy the rumor, sell the fact?

The reverse in the USD/CAD took place even after Canadian GDP surprised to the upside, showing the economy expanded at a 0.3% MoM in September (above the 0.1% expected) and at annualized 3.5% during the July-September period.

The loonie still remains a top performer among commodity currencies. While USD/CAD is unchanged for the day, AUD/USD tumbled to 6-day lows, below 0.7400 and NZD/USD dropped back under 0.7100.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

AUD/USD bounces back toward 0.6950 on fresh USD supply

AUD/USD bounces back toward 0.6950 in the Asian session on Friday. The US Dollar retreats from 17-month highs as traders take profits off the table ahead of the all-important US Nonfarm Payrolls report. Meanwhile, the Australian Dollar draws support from reviving expectations of a November interest rate hike amid elevated global yields and inflation risks.

USD/JPY struggles near 158.00 as USD retreats ahead of NFP

USD/JPY is struggling for fresh impetus near 158.00, moving away from the top end of its weekly range in the Asian session on Friday, after hotter-than-expected Tokyo CPI and amid a broad US Dollar retreat. Traders reposition themselves ahead of US Nonfarm Payrolls.

Gold fades the earlier optimism; back below $4,200

Gold could not sustain the post-NFP bull run past the $4,200 mark per troy ounce, receding toward the $4,180 region at the end of the week. The precious metal’s inconclusive price action comes amid fresh selling pressure hurting the US Dollar as investors assess the latest NFP data.

Crypto Today: Bitcoin, Ethereum and XRP gains reinforce bullish outlook

Cryptocurrency prices are broadly recovering on Friday, led by Bitcoin moving above $86,000. Ethereum has reaffirmed its bullish outlook, rising above $2,700 while the immediate area at $2,800 caps upside. Meanwhile, Ripple hovers near $1.54.

Week ahead – Fed minutes in the spotlight amid bond market rout

Energy crisis and soaring bond yields to stay in driver’s seat in quiet week. Fed minutes eyed after drop in October rate hike bets. ISM services PMI and Treasury auctions to be watched too. Canadian employment, Japanese wages and ECB minutes also on tap.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.