USD/CAD stays in daily range above 1.2500 despite renewed USD weakness

• USD/CAD is having a difficult time finding direction on Friday.
• US Dollar Index stays in the negative territory below 92.80.
• WTI trades in tight range around $69 in early American session.

Despite the modest selling pressure surrounding the greenback in the early American session on Friday, the USD/CAD pair continues to fluctuate in its daily range. As of writing, the pair was posting small daily losses at 1.2515.

DXY loses traction, eyes on consumer sentiment data

Pressured by falling US Treasury bond yields, the US Dollar Index (DXY) is losing 0.25% on the day at 92.76. Earlier in the session, the data published by the US Bureau of Labor Statistics revealed that the Import Price Index and the Export Price Index increased by 0.3% and 1.3%, respectively, on a monthly basis in July.

Later in the day, the University of Michigan will release the preliminary Consumer Sentiment Index data for August, which is forecast to remain steady at 81.2.

In the meantime, crude oil prices are moving sideways on Friday and failing to provide a directional clue to the commodity-related loonie. At the moment, the barrel of West Texas Intermediate (WTI) is virtually unchanged on a daily basis at $69. The Baker Hughes Energy Services' weekly US Oil Rig Count will be looked upon for fresh impetus.

Technical levels to watch for