• USD/CAD inches lower due to rise in crude Oil prices.
• The WTI price gains ground due to supply concerns in the Middle East.
• The US Dollar holds its position ahead of the US PCE Price Index.

USD/CAD snaps its two-day winning streak, trading around 1.3480 during the European session on Friday. The downside of the USD/CAD pair could be attributed to the commodity-linked Canadian Dollar (CAD), which receives support from higher crude Oil prices. Given the fact that Canada is the largest Oil exporter to the United States (US).

The West Texas Intermediate (WTI) Oil price continues to rise, trading around $75.70 per barrel at the time of writing. This increase is driven by supply concerns in the Middle East. Worries about reduced Libyan Oil supplies and Iraq's plans to curb production are contributing to these supply fears, which in turn are bolstering Oil prices.

The downside for the USD/CAD pair may be limited, as the US Dollar continues to hold its recent gains after stronger-than-expected economi<wbr>c data released on Thursday. However, dovish comments from the Federal Reserve could restrain further upward movement for the Greenback.