USD/CAD Technical Analysis: US dollar vs the Canadian bounced at 1.29681 support.

Denis Joeli Fatiaki Independent Analyst

US dollar vs the Canadian failed to breakthrough 1.30383 in yesterdays session and plunge to the bottom of the channel towards the end of the Asian trading session. The US dollar bounced at 1.29681 during the European session and shot up to 1.30500 after the Fed announcement of rate increases but pulled back and ended the session at the bottom of the channel. We could be looking at another the shot to the upside if the US dollar holds above 1.29700. The projected resistance located at the following points. 1.29905, 1.30097, 1.302955, 1.30383

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 bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.