USD/CAD depreciates to near 1.3650 due to higher crude prices, US PCE eyed

📆 4/26/2024 6:29 AM
📰 FXStreetNews

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Majors,Macroeconomics,Canada

USD/CAD extends its losses for the second consecutive day, trading around 1.3640 during the Asian session on Friday.

USD/CAD loses ground due to higher crude Oil prices on Friday. WTI Oil price appreciates due to geopolitical risks associated with a potential Israeli invasion of the Rafah city. The lower US labor data has offset concerns regarding the sluggish GDP . The Canadian Dollar receives support from higher US crude Oil prices, contributing to the weakening of the USD/CAD pair. West Texas Intermediate crude Oil price edges higher to near $83.

The slowdown in the US economy suggests potential challenges or deceleration in various sectors. Looking ahead, market attention is now focused on the US Personal Consumption Expenditures Price Index data for March, scheduled for release on Friday. Additionally, the US Initial Jobless Claims for the week ending on April 19 saw a significant decrease, dropping by 5,000 to 207,000.

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USD/CAD challenges the 20-day SMA following PCE data from the USThe USD/CAD pair is currently trading around the 1.3543 level on Friday, reflecting minor losses after hitting a high of 1.3560 earlier in the session.
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