USD/CAD - Key Average Supports further Upside

Alan Collins 3cAnalysis

The support of the 13 day mvg avg has dominated this week trading. But it has yet to translate into significant upside. Yesterday was the 2nd trading day in a row that demand was not strong enough to break above the 100 day mvg avg and 1.3200, with Thursday’s trading resulting in minimal net movement for USDCAD. This price action does not create strong signals for sentiment going into the last day of the week but gradually higher lows since Tuesday mean our call for this morning is a Buy from 7am but leaving room to also Buy any Dip to 1.3167, Asian low. The risk is 1.3135, Wednesday’s bottom, with an immediate target of 1.3209, last week's top. A move through that point then exposes sentiment to 1.3232, the top of the daily Keltner channel, and 1.3261, the 4 week Marabuzo line.

Average Supports

USD/CAD Current Trading Positions

Sell 58%

Buy 42%

Avg Sell Price 1.3147

Avg Buy Price 1.3127

Liquidity Distribution

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.