USD/CAD: Bulls first challenge of the week is at its 500 EMA at 1.31255.

Denis Joeli Fatiaki Independent Analyst

USD/CAD: Bulls first challenge of the week is at its 500 EMA at 1.31255.

What is going on now with USD/CAD?

USD/CAD: The US dollar struggled to regain control at 1.31800 in Friday's session as indicated in my previous update. The US dollar made several attempts to get back above 1.31800 during the European session in Friday's trades, but all failed and settled at 1.31473 at the end of the last session of the week.

Our forecast

USD/CAD: The US dollar bounced at its 500 EMA in Friday's session but struggled to head back up. The first important task for the US dollar on Monday's session is to try and take back control at its 500 EMA at 1.31255 support to avoid drifting into bears territory. The pair could continue its downward run to 1.31110 and 1.30925 if it fails at 1.31225 support. The pair could also head back up to 1.31620 and 1.31800 if it remains above its current support at 1.31445.

Support/Short Target -1.31445,1.31225, 1.31110, and 1.30925

Resistance/Long Target -1.31620, 1.31800, 1.32025, and 1.32235

The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx

Chart 1: The short-term view of the USD/CAD price action in the 30 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

EUR/USD retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.