The Canadian Dollar is a mixed bag in Friday trading, seeing moderate gains against the US Dollar (USD) after a downside print in the US Producer Price Index forced the Greenback lower across the board. With a mixed performance on the day for the CAD, the Loonie is in the red against most of its major currency peers for the week, save for a slight uptick against the USD from Monday’s opening bids.

Loonie traders will have to wait until next Tuesday for the next print of Canada’s Consumer Price Index (CPI) inflation. However, Monday sees low-impact Manufacturing Sales from November as well as the Bank of Canada’s (BoC) latest Business Outlook Survey.Crude Oil markets remain tense about Middle East conflicts potentially impacting the global barrel trade. As the ongoing spat with Houthi rebels continues, more firms continue to divert tankers and cargo ships from the Red Sea and the Suez Canal in order to take a longer trip around the continent of Africa. The Canadian Dollar (CAD) is slightly up against the Greenback heading into the end of the trading week, pushing the USD/CAD pair down into the 1.3350 neighborhood.

The pair rose to a new 2024 high of 1.3443 on Thursday, but price action is drifting back into the midrange with intraday chart action knocking against the 200-hour Simple Moving Average (SMA) near 1.3360. A near-term pattern of higher lows is set to break down as the USD/CAD drifts sideways heading into next week. Daily candlesticks have the USD/CAD continuing to trade on the low side of the 200-day SMA near 1.3500, and a descending 50-day SMA is set for a bearish crossover of the longer moving average, which could form a technical ceiling for the pair moving forward. The pair is currently up 0.73% from 2024’s opening bids and has climbed 1.26% from December’s late low of 1.3775.