The USD/CAD pair trades on a stronger note for the fifth consecutive day near 1.3730 on Friday during the Asian trading hours.
USD/CAD holds positive ground around 1.3730 in Friday’s Asian session. The US S&P Global PMI came in better than expectations in May. The further decline of crude oil prices weighs on the Loonie. The USD/CAD pair tradeson astrongernotefor the fifth consecutive day near 1.3730 on Friday during the Asian trading hours. The stronger US Dollar following the upbeat US PMI dataprovides some support tothe pair. Traders await the Canadian Retail Sales and US Durable Goods Orders for fresh impetus.
00 hurdleandcreated a tailwind for the USD/CAD pair. On the Loonie front, the decline of crudeoil prices exerts some selling pressure on the commodity-linked Canadian Dollar as Canada is the largest oil exporter to the United States. Additionally, the expectationthatthe Bank of Canada will cut the interest rate before the US Fed might weigh on the Loonie against the USD.
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