The USD/CAD pair struggles to capitalize on the previous day's recovery from the 1.3570 area or the lowest level since April 10 and attracts fresh sellers during the Asian session on Friday.
USD/CAD meets with a fresh supply on Friday amid dovish Fed -inspired USD selling bias. An uptick in oil prices underpins the Loonie and further contributes to the tone offered. Traders now look to Canadian Retail Sales data and Powell’s speech for a fresh impetus. The USD/CAD pair struggles to capitalize on the previous day's recovery from the 1.3570 area or the lowest level since April 10 and attracts fresh sellers during the Asian session on Friday. Spot prices slide back below the 1.
This, in turn, is seen underpinning the commodity-linked currency Loonie and contributing to the offered tone surrounding the USD/CAD pair. That said, market concerns about a slowdown in the US and China – the world's two largest economies – and hopes for a ceasefire in Gaza keep a lid on any meaningful upside for Crude Oil prices.
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