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USD / CAD - Canadian dollar consolidating Friday’s gains.

- Friday’s Canadian dollar rally stalls.

- Oil prices trading softly despite pending production cuts.

- US dollar claws back some of Friday’s losses.

USDCAD: open 1.3636-40, overnight range 1.3622-1.3662, close 1.3595, close 1.3692, WTI $74.25, Gold, $2014.64

The Canadian dollar rallied sharply Friday on the heels of broad-based US dollar selling in a very-low liquidity market due to the extended US Thanksgiving holiday.

The move occurred after Retail Sales rose a better-than expected 0.6% m/m in September. But the data isn’t nearly as robust as the number suggests. That’s because the gains were fueled by a surge in auto sales which is typical at this time of year when car dealers make room for new model year inventory.

The Canadian dollar rallied even as West Texas Intermediate oil prices slid, falling from $77.95/b on Tuesday to $74.88/b overnight. Even rumors that Opec plans to cut announce new production cuts at this week’s meeting failed to underpin oil prices.

The Canadian dollar also rallied despite a dovish speech by Bank of Canada Governor tiff Macklem which implied that Canadian interest rates have peaked, prompting some analysts top predict rate cuts in Q2 2024.

EURUSD fluctuated within a narrow band on Friday, moving between 1.0926 and 1.0960, with its upward trajectory hindered by a resurgence in demand for the US dollar.

GBPUSD saw movement within a 1.2596-1.2628 bracket, buoyed by positive responses to the recent Autumn Statement in the UK and anticipation of a moderated pace in interest rate reductions by the Bank of England. The House of Lords has been showing prudence, as noted by the UK Telegraph, which reported that its Economic Affairs Committee (EAC) expressed concerns over the potential politicization of the Bank of England. The EAC highlighted the risk of a "democratic deficit" due to a few unelected officials making significant decisions with limited oversight, especially regarding their expanding responsibilities like climate change.

USDJPY remained relatively stable, trading within a 148.78-149.68 range, reflecting movements in US Treasury yields.

AUDUSD reached the upper limit of its 0.6566-0.6608 spectrum, sustained by the residual effects of the US dollar's downturn on Friday and recent assertive remarks from RBA Governor Michel Bullock.

Looking ahead, the market is anticipating the release of US New Home Sales data for October and the November Dallas Fed Manufacturing Business Index.