Canadian Dollar softly up on Friday as Crude Oil rises.

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• Canadian Dollar softly up on Friday as Crude Oil rises.
• Canada Retail Sales decline more than expected, hampers topside.
• Loonie up overall on the week but still down against the US Dollar.

The Canadian Dollar (CAD) rose on Friday, bolstered by a late-week climb in Crude Oil bids as CAD traders shrugged off headwinds for the time being.

Canada saw Retail Sales decline at a faster pace than expected in November, and the Bank of Canada (BoC) was added to the growing list of global central banks that are expected to deliver rate cuts at a slower and shallower pace than investors initially hoped for.

The Canadian Dollar (CAD) is in the green against all of its major currency peers on Friday, gaining around four-tenths of a percent against the Pound Sterling (GBP) and the New Zealand Kiwi (NZD), with the smallest gains of around a tenth of a percent against the Euro (EUR) and the Australian Dollar (AUD).

The US Dollar is down about a fifth of a percent against the Canadian Dollar on Friday after an intraday rejection from the 1.3500 level before testing into the 1.3450 region. Near-term momentum is seeing the USD/CAD drift back toward the 200-day Simple Moving Average (SMA) near 1.3430.

Daily candlesticks are getting hung up on the 200-day SMA just below the 1.3500 level, and the USD/CAD could see a technical rejection extend into a bearish pullback with a price floor chalked in near 1.3200.

Even if buyers find the topside momentum necessary to carry the USD/CAD over the consolidation of the 50-day and 200-day SMAs near 1.3500, there’s still a lot of ground to cover before bids can recover the last swing high set in early November near 1.3900.

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