- USD/CAD is trading in a relatively tight range on Friday.
- WTI posts strong gains, reclaims $61 after OPEC+ meeting.
- US Dollar Index stays below 93.00 ahead of March jobs report.
The USD/CAD pair is fluctuating in a narrow band on Friday as the trading action remains subdued due to the Easter holiday. As of writing, the pair was up 0.1% on a daily basis at 1.2558.
Focus shifts to US NFP report
On Thursday, USD/CAD closed in the negative territory as the slumping US Treasury bond yields weighed heavily on the greenback. Reflecting the broad-based USD weakness, the US Dollar Index (DXY) lost 0.3% and close below 93.00.
Ahead of the US Bureau of Labor Statistics’ Nonfarm Payrolls report (NFP), which is expected to show an increase of 647,000 in nonfarm employment, the DXY is moving sideways around 92.90. Nevertheless, the market reaction is likely to remain muted amid a lack of volume.
Nonfarm Payrolls Preview: Forecast from eight major banks for March jobs report.
On the other hand, crude oil prices rose sharply following the 15th OPEC+ meeting. Although producers agreed to ramp up oil output gradually in the next three months, they preserved a cautious stance with regards to demand outlook. The barrel of West Texas Intermediate (WTI) gained more than 3% to settle above $61.25.