USD/CAD halts its four-day winning streak, trading around 1.3720 during the European session on Friday.
USD/CAD halts its winning streak ahead of Canadian Retail Sales and US Consumer Sentiment due on Friday. The US Dollar edges lower due to a downward correction in US Treasury yields. Lower WTI price puts pressure on the commodity-link Canadian Dollar. However, the US Dollar advanced against the Canadian Dollar during the earlier hours of the Asian market due to the emergence of the risk aversion sentiment.
On the CAD front, declining crude Oil prices are exerting selling pressure on the commodity-linked Canadian Dollar , as Canada is the largest oil exporter to the United States. West Texas Intermediate Oil prices have been falling for the fifth consecutive session, trading around $77.80 per barrel at the time of writing. Higher-than-expected US PMI data and hawkish comments from Federal Reserve officials suggest a delay in the Fed’s rate cuts.
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