CAD gains with a mild recovery in Crude

Omkar Godbole FXStreet Contributor

FXStreet (Mumbai) - The Canadian dollar gained strength against its US counterpart, tracking the mild recovery in the Crude prices. The USD/CAD pair snapped a two-day rally seen on the back of a sharp fall in Crude prices.

USD/CAD rejected at 10-DMA

The pair was driven lower after it faced rejection at the 10-DMA located located at 1.2491. The CAD gained as the crude April futures in the US recovered from the low of USD 51.88/barrel to trade at USD 52.16/barrel; up 0.63%. Crude prices managed to recover from lows despite the inventories in the US rising to record highs, as per the EIA data released yesterday. It remains to be seen whether Crude prices and the CAD manage to hold on to their gains for the rest of the day.

USD/CAD Technical Levels

The immediate resistance is seen at 1.2491 (10-DMA) above which gains could be extended to 1.2544 levels On the flip side, support is seen at 1.2458 (5-DMA) and 1.2421 levels.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.