- USD / CAD continues to trade in positive territory on Friday.
- Retail sales in Canada rose slightly more than expected in October.
- WTI consolidates weekly gains, appears to close the week above $ 48.
The pair USD / CAD is posting modest gains on Friday supported by strong USD. At time of writing, the pair was up 0.3% on the day at 1.2760.
Market participants ignore mid-level data
Earlier in the session, data from Canada showed that October retail sales increased 0.4%. Although this reading was better than the market expectation of 0.2%, it did not help the CAD find demand.
On the other hand, the US Bureau of Economic Analysis announced that the current account deficit widened to $ 178.5 billion in the third quarter, but this figure was largely ignored by market participants. The US Dollar Index (DXY), which fell to its lowest level since April 2018 at 89.73, remains in positive territory around 90.00 and helps the USD / CAD maintain its daily gains.
Meanwhile, a barrel of West Texas Intermediate is trading small gains near $ 48.40 on Friday, without providing a directional clue to the CAD related to commodities.
There will be no further release of US macroeconomic data for the rest of the day and investors will be watching Wall Street’s performance closely. If the major stock indices turn south, the DXY could preserve its recovery momentum and allow the USD / CAD to close the last day of the week in the green.
Technical levels
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