US Session Open: New setups for EUR/USD, GBP/USD, and USD/CAD, charting crude oil and copper

The United Kingdom economic docket features the monthly Gross Domestic Product print for October and Industrial Production figures, to be published by the Office for National Statistics this Thursday at 07:00 GMT.

The EUR/USD pair retreats from a 10-week high to near 1.1735 during the early European session on Friday, pressured by a modest rebound in the US Dollar.  The potential downside for the major pair might be limited amid the prospect of the US Federal Reserve (Fed) rate cuts next year. The final reading of the German Harmonized Index of Consumer Prices will be released later on Friday. 

Gold edges lower during the Asian session on Friday and erodes a part of the previous day's strong gains, snapping a three-day winning streak to the $4,285-4,286 region, or the highest level since October 21. The prevalent risk-on environment – as depicted by a generally positive tone around the equity markets – is seen undermining demand for the safe-haven precious metal. 

Bitcoin and Ethereum are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

The Federal Reserve (Fed) went ahead with a 25 basis points rate cut, taking the target range to 3.50–3.75%. But the tone around the decision mattered just as much as the move.

The US Dollar attempted a recovery throughout the first half of Thursday, but resumed its decline following the release of worse-than-anticipated employment data. Initial Jobless Claims for the week ended December 6 unexpectedly rose to 236K, well above the previous 192K.